Yaxley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Yaxley enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Yaxley you really ought to check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Virgin |
Lease extensions in Yaxley can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.
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 Yaxley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Luca, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Yaxley. In buying his flat two decades ago, the length of the lease was of little bearing. by good luck, he became aware that he needed to take action soon on Extending the lease. Luca arranged for a lease extension just ahead of time in January. Luca and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If he not met the deadline, the price would have become more exhorbitant by at least £950.
Dr Grace Wood was assigned a lease of a basement apartment in Yaxley in August 2000. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative homes in Yaxley with a long lease were in the region of £216,000. The average ground rent payable was £60 billed per annum. The lease expired on 24 October 2084. Given that there were 58 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.
Last month we were phoned by Dr T Cook , who took over the lease of a first floor apartment in Yaxley in May 1995. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Yaxley with an extended lease were valued around £200,000. The average ground rent payable was £50 collected yearly. The lease concluded on 15 September 2104. Taking into account 78 years left we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.