Leighton Buzzard leases on residential deteriorating in value. if your lease has about ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease drops below 80 years - otherwise a higher amount will be payable. Flat owners in Leighton Buzzard will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not qualify. There are also strict deadlines and steps to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Skipton Building Society |
Engaging our service gives you increased control over the value of your Leighton Buzzard leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Freddie was the the leasehold proprietor of a 2 bedroom flat in Leighton Buzzard on the market with a lease of a little over 61 years unexpired. Freddie informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.
In 2012 we were contacted by Mr and Mrs. C Smith who, having bought a studio apartment in Leighton Buzzard in October 2005. The question was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Similar homes in Leighton Buzzard with a long lease were worth £191,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ended in 2084. Taking into account 58 years as a residual term we calculated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including professional charges.
In 2013 we were phoned by Ms M Jones who, having took over the lease of a basement apartment in Leighton Buzzard in October 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Similar residencies in Leighton Buzzard with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 billed yearly. The lease terminated in 2095. Taking into account 69 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.