There is no doubt about it a leasehold flat or house in West Malling is a wasting asset as a result of the diminishing lease term. If the residual term has, more than one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has less than eighty years remaining 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 primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in West Malling will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited 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 generally considered that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Engaging our service gives you better control over the value of your West Malling leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last October Alexander, started to get close to the 80-year mark with the lease on his garden flat in West Malling. Having bought his home 18 years ago, the lease term was of no bearing. Thankfully, he noticed he would soon be paying way over the odds for Extending the lease. Alexander extended the lease at the eleventh hour last May. Alexander and the freeholder via the management company subsequently settled on an amount of £5,000 . If he failed to meet the deadline, the figure would have escalated by at least £1,000.
In 2009 we were called by Mrs Rebecca Wood who, having moved into a studio flat in West Malling in June 1996. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable homes in West Malling with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed on 7 October 2105. Taking into account 79 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.
Mr and Mrs. I Johnson purchased a newly refurbished flat in West Malling in September 2004. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in West Malling with 100 year plus lease were valued about £275,000. The average amount of ground rent was £65 invoiced quarterly. The lease finished in 2094. Considering the 68 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.