It’s an underpublicised certainty that a Stow on the Wold residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Stow on the Wold property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining dips below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Stow on the Wold will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.
Leasehold residencies in Stow on the Wold with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| TSB | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Stow on the Wold,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stow on the Wold valuers.
In the wake of 9 months of lengthy correspondence with the landlord of her one bedroom flat in Stow on the Wold, Tia commenced the lease extension process as the eighty year mark was fast advancing. The lease extension was finalised in April 2013. The freeholder’s charges were restricted to approximately 500 pounds.
In 2010 we were e-mailed by Mr and Mrs. D Smith who, having bought a first floor apartment in Stow on the Wold in January 2002. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Stow on the Wold with a long lease were valued around £275,000. The mid-range ground rent payable was £55 billed annually. The lease ran out on 27 July 2102. Taking into account 76 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.
Last Summer we were phoned by Mr and Mrs. C Wood , who purchased a ground floor apartment in Stow on the Wold in March 1996. We are asked if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Stow on the Wold with a long lease were valued about £176,200. The average amount of ground rent was £65 billed annually. The lease ran out on 8 October 2082. Taking into account 56 years outstanding we approximated the premium to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of fees.