As the the remaining lease term of a Tedburn St Mary residential lease lessens so does its value and therefore the value of your property. Where the lease has, in excess of one hundred years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Tedburn St Mary will qualify for this right; however a lawyer can advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Tedburn St Mary with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
The conveyancers that we work with undertake Tedburn St Mary lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
In recent months Henry, came dangerously close to the 80-year mark with the lease on his two bedroom apartment in Tedburn St Mary. Having purchased his flat 18 years previously, the lease term was of little importance. by good luck, he realised he needed to take action soon on Extending the lease. Henry was able to extend his lease just ahead of time in June. Henry and the freeholder via the management company ultimately settled on sum of £6,000 . If he not met the deadline, the amount would have become more costly by at least £1,100.
Last Spring we were contacted by Mr Joshua Torres , who acquired a purpose-built flat in Tedburn St Mary in July 1995. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Identical flats in Tedburn St Mary with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 collected annually. The lease finished on 12 October 2103. Taking into account 77 years remaining we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.
Last March we were approach by Ms P Davies , who bought a garden apartment in Tedburn St Mary in August 1995. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Similar flats in Tedburn St Mary with 100 year plus lease were valued about £260,200. The average ground rent payable was £65 invoiced yearly. The lease expired in 2092. Considering the 66 years outstanding we approximated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 not including legals.