Lytchett Matravers residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.
It is generally considered that a property with in excess of 100 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 premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin |
Retaining our service gives you enhanced control over the value of your Lytchett Matravers leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last October Finn, started to get close to the eighty-year threshold with the lease on his first floor flat in Lytchett Matravers. In buying his home 18 years ago, the length of the lease was of no bearing. by good luck, he noticed he would imminently be paying way over the odds for a lease extension. Finn arranged for a lease extension just under the wire in July. Finn and the landlord who owned the flat above eventually settled on sum of £5,000 . If the lease had dipped to less than 80 years, the amount would have escalated by at least £1,000.
Last Spring we were e-mailed by Mr M Bernard , who bought a one bedroom flat in Lytchett Matravers in August 2007. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Identical premises in Lytchett Matravers with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 billed annually. The lease concluded on 11 March 2077. Considering the 51 years unexpired we estimated the premium to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of fees.
Mr and Mrs. R Rivera completed a newly refurbished flat in Lytchett Matravers in September 2005. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar flats in Lytchett Matravers with an extended lease were valued about £210,600. The average ground rent payable was £45 invoiced every twelve months. The lease finished on 7 July 2088. Having 62 years unexpired we calculated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of expenses.