The closer a residential lease in Sandy nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond one hundred years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Sandy will qualify for this right; however a lawyer should be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| TSB |
Lease extensions in Sandy can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Sandy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Felix owned a studio apartment in Sandy on the market with a lease of a few days over 61 years remaining. Felix on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Felix to exercise his statutory right. Felix procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.
Last Summer we were contacted by Mrs D Green , who purchased a recently refurbished apartment in Sandy in July 2011. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative flats in Sandy with 100 year plus lease were valued about £218,000. The mid-range amount of ground rent was £45 billed quarterly. The lease concluded in 2089. Having 63 years unexpired we approximated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of costs.
Dr F Reed moved into a recently refurbished apartment in Sandy in January 2002. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Sandy with an extended lease were worth £265,000. The average ground rent payable was £50 collected annually. The lease end date was on 14 October 2100. Given that there were 74 years left we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.