There is no doubt about it a leasehold property in Ingatestone is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 99 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Ingatestone will qualify for this right; that being said a conveyancer will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 Ingatestone can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 Ingatestone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy correspondence with the freeholder of her basement apartment in Ingatestone, Morgan started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work was concluded in January 2006. The landlord’s costs were kept to an absolute minimum.
In 2014 we were approached by Ms Megan White who, having bought a purpose-built apartment in Ingatestone in September 2004. We are asked if we could estimate the price could be for a ninety year lease extension. Similar flats in Ingatestone with an extended lease were valued about £254,200. The mid-range ground rent payable was £60 billed annually. The lease lapsed in 2076. Given that there were 51 years remaining we approximated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of legals.
Last Winter we were phoned by Mr and Mrs. M Morel , who took over the lease of a garden flat in Ingatestone in April 2010. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparative premises in Ingatestone with a long lease were in the region of £210,600. The average ground rent payable was £45 billed quarterly. The lease terminated in 2087. Given that there were 62 years left we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 not including professional charges.