Stoke Poges leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Stoke Poges will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Stoke Poges can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.
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 Stoke Poges lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the landlord of her leasehold flat in Stoke Poges, Chelsea started the lease extension process just as her lease was nearing the critical 80-year mark. The legal work was concluded in July 2011. The freeholder’s fees were kept to an absolute minimum.
Dr Riley Hall bought a purpose-built apartment in Stoke Poges in January 2010. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Stoke Poges with a long lease were worth £198,400. The average amount of ground rent was £65 invoiced per annum. The lease ended in 2085. Given that there were 59 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 not including fees.
Last March we were phoned by Mr S Taylor , who owned a first floor apartment in Stoke Poges in January 2012. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical flats in Stoke Poges with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 billed yearly. The lease finished in 2096. Taking into account 70 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.