When it comes to long leasehold premises in Ampthill, you are actually buying a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than 80 years left. Anyone in Ampthill with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. Once a lease has under eighty years outstanding, under the relevant statute the freeholder is entitled to calculate and charge a greater amount, assessed on a technical calculation, known as “marriage value” which is due.
Leasehold properties in Ampthill with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Ampthill can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 procuring Ampthill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy discussions with the freeholder of her one bedroom apartment in Ampthill, Sophie initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The legal work was concluded in March 2011. The landlord’s fees were kept to an absolute minimum.
In 2010 we were phoned by Dr D Bernard who, having purchased a ground floor flat in Ampthill in April 2000. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative premises in Ampthill with a long lease were valued around £227,800. The mid-range ground rent payable was £45 collected quarterly. The lease ran out in 2091. Having 65 years outstanding we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.
In 2013 we were called by Mr and Mrs. H Reed who, having completed a first floor flat in Ampthill in July 2003. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable flats in Ampthill with an extended lease were worth £270,000. The average ground rent payable was £55 invoiced monthly. The lease elapsed on 21 June 2102. Taking into account 76 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.