Unfortunately that a Umberleigh residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Umberleigh property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Most leasehold owners in Umberleigh will be able to extend under the legislation; however a conveyancer will be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Umberleigh can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 Umberleigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Arthur owned a conversion flat in Umberleigh on the market with a lease of a little over 59 years unexpired. Arthur on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Arthur to invoke his statutory right. Arthur obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.
Last Spring we were e-mailed by Mrs Rosie Laurent , who owned a studio flat in Umberleigh in April 2003. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparative properties in Umberleigh with an extended lease were valued about £280,000. The average amount of ground rent was £45 billed every twelve months. The lease ran out on 3 September 2096. Taking into account 70 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.
Mr Luke White owned a basement flat in Umberleigh in September 2010. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable flats in Umberleigh with 100 year plus lease were valued around £223,400. The mid-range ground rent payable was £60 collected annually. The lease concluded on 25 August 2085. Given that there were 59 years outstanding we estimated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of professional charges.