There is no doubt about it a leasehold flat or house in Topsham is a wasting asset as a result of the diminishing lease term. If the lease has, more than 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner as opposed to later. Most flat owners in Topsham will qualify for this right; however a conveyancer can confirm whether you are eligible 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.
It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| TSB |
The conveyancing solicitors that we work with undertake Topsham 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.
Trailing protracted correspondence with the landlord of her ground floor flat in Topsham, Erin started the lease extension process just as her lease was coming close to the crucial eighty-year mark. The transaction completed in February 2005. The freeholder’s charges were kept to an absolute minimum.
Mr and Mrs. C García took over the lease of a one bedroom apartment in Topsham in August 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Topsham with 100 year plus lease were valued around £205,000. The average amount of ground rent was £50 invoiced quarterly. The lease ended in 2105. Having 79 years remaining we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including legals.
Last Spring we were called by Mr A Lee , who acquired a garden flat in Topsham in February 1997. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Similar residencies in Topsham with 100 year plus lease were valued about £275,000. The average amount of ground rent was £65 invoiced every twelve months. The lease lapsed in 2094. Having 68 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.