Swindon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Swindon tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Swindon you would be well advised to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a property with more than one hundred 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 property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Swindon can be a difficult process. We recommend you secure professional help 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 in-depth market knowledge dealing with Swindon 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 lengthy negotiations with the landlord of her ground floor apartment in Swindon, Mia initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction was finalised in November 2005. The freeholder’s costs were restricted to about 450 GBP.
Mr L Gunderson acquired a newly refurbished apartment in Swindon in August 2010. The question was if we could estimate the price could be to extend the lease by an additional years. Identical flats in Swindon with an extended lease were valued around £270,000. The average amount of ground rent was £55 billed yearly. The lease elapsed in 2102. Taking into account 76 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
In 2010 we were contacted by Dr Jennifer Gray who, having purchased a purpose-built flat in Swindon in January 1998. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparative flats in Swindon with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 invoiced per annum. The lease lapsed in 2082. Having 56 years left we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 not including fees.