As the length of the unexpired term of a Thorpe Astley domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, over 125 years to run then this decrease may be negligible however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner rather than later. Most flat owners in Thorpe Astley will meet the qualifying criteria; nevertheless a conveyancer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander |
Irrespective of whether you are a tenant or a landlord in Thorpe Astley,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Thorpe Astley valuers.
Off the back of protracted correspondence with the freeholder of her leasehold apartment in Thorpe Astley, Chloe initiated the lease extension process as the eighty year deadline was rapidly coming. The transaction completed in April 2008. The freeholder’s charges were negotiated to a tad over 450 GBP.
Last Christmas we were phoned by Mr and Mrs. D Mercier , who moved into a garden apartment in Thorpe Astley in April 1999. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable homes in Thorpe Astley with a long lease were valued around £203,200. The average ground rent payable was £65 billed annually. The lease ran out on 10 September 2087. Taking into account 61 years remaining we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including costs.
Mr K Rogers was assigned a lease of a garden apartment in Thorpe Astley in September 2000. The question was if we could approximate the premium would likely be for a 90 year lease extension. Comparative residencies in Thorpe Astley with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease came to a finish on 27 October 2098. Considering the 72 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.