Lease Extensions Lancaster
a Lease with less than 80 years left will affect the value of your property in lancaster. you may also find that mortgage lenders are unwilling to lend on short lease properties.
If your lease has 80 years or less left you will need to pay 50% of the property's 'marriage value' on top of the the usual lease extension price. Marriage value is the amount of extra value a lease extension would add to your property.
There is a statutory formula that is applied to work out the cost of a lease extension in Lancaster. It gives the landlord compensation for:
- The loss of any ground rent income stream it would otherwise have continued to enjoy
- For the depression in the value of its interest in the building
- If the lease term is below 80 years remaining, a share of the added value released by the extension
To discuss your lease extension in Lancaster please click here or call 01524 386500.