As the the remaining lease term of a Bourne End domestic lease decreases so does its value and therefore the value of your property. If the residual term has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. Many flat owners in Bourne End will qualify for this right; nevertheless a lawyer can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Bourne End,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bourne End valuers.
After protracted correspondence with the landlord of her first floor apartment in Bourne End, Madeleine started the lease extension process as the eighty year mark was swiftly coming. The lease extension was concluded in August 2005. The freeholder’s charges were negotiated to under 600 pounds.
Mr N Mercier purchased a garden apartment in Bourne End in August 2009. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Comparative homes in Bourne End with an extended lease were in the region of £225,400. The average ground rent payable was £45 billed annually. The lease concluded on 10 June 2090. Given that there were 64 years unexpired we estimated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of costs.
Last Winter we were phoned by Mr and Mrs. G Fournier , who acquired a one bedroom apartment in Bourne End in July 2007. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparative homes in Bourne End with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced annually. The lease finished in 2101. Taking into account 75 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.