There is no doubt about it a leasehold property in Leighton Buzzard is a wasting asset as a result of the diminishing lease term. If the lease has, over one hundred years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in Leighton Buzzard will qualify for this right; that being said a conveyancing solicitor can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Leighton Buzzard can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Leighton Buzzard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her studio flat in Leighton Buzzard, Chelsea initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The transaction was finalised in September 2006. The landlord’s costs were kept to an absolute minimum.
In 2009 we were contacted by Mr and Mrs. E Anderson who, having bought a one bedroom apartment in Leighton Buzzard in April 2000. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Comparable flats in Leighton Buzzard with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 invoiced monthly. The lease ran out on 24 September 2086. Having 60 years remaining we calculated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 plus expenses.
In 2010 we were e-mailed by Mr T Ricardo who, having moved into a one bedroom flat in Leighton Buzzard in February 2005. The question was if we could estimate the price could be to prolong the lease by 90 years. Comparable properties in Leighton Buzzard with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease finished in 2097. Having 71 years outstanding we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.