The only way is down when it comes to Soham lease terms. Soham properties that have a lease term lower than eighty years will drop in value at a rapid rate, and the cost to extend your lease will go up.
It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Santander |
Lease extensions in Soham can be a difficult process. We recommend you get guidance from a lawyer 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 in-depth market knowledge procuring Soham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the landlord of her two bedroom apartment in Soham, Isabel started the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was concluded in August 2014. The freeholder’s fees were kept to an absolute minimum.
In 2010 we were e-mailed by Mr Isaac Morgan who, having owned a garden apartment in Soham in January 2000. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparative premises in Soham with an extended lease were valued about £260,000. The mid-range amount of ground rent was £50 collected per annum. The lease terminated in 2098. Having 72 years outstanding we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.
Dr Mia Scott acquired a basement apartment in Soham in August 2001. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative properties in Soham with 100 year plus lease were valued around £256,600. The mid-range ground rent payable was £60 invoiced per annum. The lease terminated in 2078. Having 52 years unexpired we calculated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of fees.