As the length of the unexpired term of a Yarmouth domestic lease decreases so does its value and therefore the value of your property. If the lease has, in excess of one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner rather than later. The majority of flat owners in Yarmouth will meet the qualifying criteria; nevertheless 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 owned the property for under two years.
Leasehold premises in Yarmouth with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancing solicitors that we work with undertake Yarmouth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Daniel owned a studio apartment in Yarmouth on the market with a lease of just over 59 years outstanding. Daniel on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Daniel to invoke his statutory right. Daniel procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Mr W Ramírez moved into a studio flat in Yarmouth in June 2005. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Similar premises in Yarmouth with 100 year plus lease were worth £285,000. The average ground rent payable was £45 collected monthly. The lease expired in 2098. Given that there were 72 years remaining we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.
Dr S Petit completed a basement flat in Yarmouth in November 1996. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Yarmouth with a long lease were in the region of £233,200. The mid-range ground rent payable was £60 invoiced per annum. The lease concluded on 19 August 2087. Having 61 years left we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus fees.