As the length of the unexpired term of a Shillington residential lease lessens so does its value and therefore the value of your property. If the lease has, beyond 125 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has fewer 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 rational as to why you should consider extending sooner rather than later. The majority of flat owners in Shillington will meet the qualifying criteria; however a conveyancer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Shillington can be a difficult process. We recommend you procure guidance from a lawyer 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 a wealth of experience dealing with Shillington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Theo, started to get near to the 80-year mark with the lease on his garden apartment in Shillington. Having bought his property two decades ago, the unexpired term was of no significance. by good luck, he became aware that he needed to take action soon on Extending the lease. Theo extended the lease just in the nick of time last April. Theo and the freeholder via the managing agents subsequently settled on sum of £5,000 . If the lease had fallen lower than 80 years, the figure would have become more costly by a minimum £1,150.
Last month we were contacted by Mrs F Gray , who was assigned a lease of a recently refurbished flat in Shillington in April 1996. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable flats in Shillington with 100 year plus lease were valued around £171,800. The average ground rent payable was £55 invoiced per annum. The lease lapsed in 2076. Given that there were 50 years outstanding we approximated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including expenses.
Last Spring we were approach by Mr and Mrs. O Norbert , who moved into a one bedroom flat in Shillington in July 2003. The dilemma was if we could approximate the premium would be to prolong the lease by ninety years. Identical premises in Shillington with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease termination date was in 2097. Given that there were 71 years remaining we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.