As the length of the unexpired term of a Slade Green residential lease decreases so does its value and therefore the value of your property. If the residual term has, more than 100 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 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 rational as to why you should extend the lease sooner as opposed to later. The majority of flat owners in Slade Green will qualify for this right; nevertheless a lawyer should be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Slade Green can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 Slade Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Cameron was the the leasehold owner of a 2 bedroom flat in Slade Green being sold with a lease of a little over 72 years outstanding. Cameron informally contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Cameron to exercise his statutory right. Cameron procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
Mr Jonathan Clarke bought a newly refurbished flat in Slade Green in February 2007. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Similar residencies in Slade Green with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 collected monthly. The lease finished on 25 November 2080. Taking into account 55 years remaining we estimated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus fees.
An example of a Lease Extension decision for a Slade Green residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The remaining number of years on the lease was 76 years.