Yate leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Yate residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Yate you must investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| National Westminster Bank | |
| TSB |
Lease extensions in Yate can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.
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 a wealth of experience dealing with Yate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Cameron, came seriously close to the eighty-year threshold with the lease on his two bedroom apartment in Yate. In buying his home two decades ago, the unexpired term was of minimal importance. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Cameron was able to extend his lease at the eleventh hour in March. Cameron and the freeholder via the managing agents ultimately settled on sum of £6,000 . If the lease had slipped lower than 80 years, the figure would have gone up by a minimum £850.
Mr and Mrs. T Jones was assigned a lease of a basement apartment in Yate in June 2011. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Identical homes in Yate with 100 year plus lease were valued about £191,400. The mid-range ground rent payable was £55 billed monthly. The lease lapsed on 2 June 2080. Considering the 54 years left we approximated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including costs.
Last month we were contacted by Mr Thomas Stewart , who completed a one bedroom flat in Yate in November 2009. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparable homes in Yate with a long lease were worth £295,000. The average amount of ground rent was £45 billed monthly. The lease termination date was on 10 September 2100. Taking into account 74 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.