As the length of the unexpired term of a Streatham Vale domestic lease decreases so does its value and therefore the value of your property. If the residual term has, more than 125 years to run then this decrease may be negligible nevertheless 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 increase markedly the cost. It is the main reason why you should consider extending without delay. The majority of flat owners in Streatham Vale will meet the qualifying criteria; however a conveyancer should be able to advise if you are eligible to extend your lease. In certain 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 residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a freeholder in Streatham Vale,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Streatham Vale valuers.
After lengthy discussions with the freeholder of her studio flat in Streatham Vale, Kirsty commenced the lease extension process as the eighty year threshold was fast nearing. The lease extension was concluded in November 2010. The freeholder’s charges were kept to an absolute minimum.
Last Autumn we were contacted by Mr and Mrs. H Brown , who purchased a basement apartment in Streatham Vale in April 2002. The dilemma was if we could approximate the premium could be to prolong the lease by ninety years. Comparable premises in Streatham Vale with 100 year plus lease were valued about £166,800. The mid-range amount of ground rent was £50 collected monthly. The lease end date was in 2076. Given that there were 50 years remaining we approximated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 not including costs.
Last May we were e-mailed by Mr F Smith , who acquired a studio flat in Streatham Vale in July 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical properties in Streatham Vale with an extended lease were worth £280,000. The average ground rent payable was £45 billed annually. The lease ended in 2096. Considering the 70 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.