Yaxley leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Yaxley will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Yaxley with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Yaxley can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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.
Last year Reuben, came perilously close to the 80-year mark with the lease on his studio apartment in Yaxley. Having purchased his property 19 years ago, the unexpired term was of little concern. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Reuben arranged for a lease extension just under the wire in June. Reuben and the landlord in the end agreed on an amount of £5,000 . If the lease had slid to less than eighty years, the premium would have become more exhorbitant by at least £950.
In 2010 we were contacted by Mr and Mrs. S López who, having purchased a purpose-built flat in Yaxley in March 1997. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Identical flats in Yaxley with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced monthly. The lease came to a finish in 2100. Considering the 74 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.
Dr Arthur Jackson was assigned a lease of a purpose-built flat in Yaxley in April 1998. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative premises in Yaxley with 100 year plus lease were valued about £243,000. The mid-range amount of ground rent was £65 invoiced annually. The lease ran out on 7 May 2089. Given that there were 63 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of costs.