🏠 Property Details
💰 Ground Rent
⚙️ Costs & Settings
🏦 Mortgage Eligibility
Freehold Equivalent Value
£289,256
What it'd be worth at 999 yrs
Lease Discount
3.2%
75-yr lease vs freehold
Extension Premium
£18,910
+90 yrs statutory estimate
Value Gain After Extension
£9,256
Equity created by extending
Caution Lease — 75 years remaining
Some lenders will refuse. Plan your extension now — every year below 80 adds cost.
📊 Value Analysis
⏱️ Annual lease depreciation
£5,207/year
This is roughly how much value the lease loses each year as it runs down — assuming no extension.
Annual Leasehold Costs
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Frequently Asked Questions
What happens when a lease drops below 80 years?
Below 80 years, 'marriage value' kicks in — the freeholder is entitled to 50% of the value created by the extension. This significantly increases the premium. As a rule of thumb, extend before the lease drops below 85 years to avoid this cost.
How much does a lease extension cost?
The cost has two parts: the statutory premium (calculated by a surveyor using the Leasehold Reform Act 1993 formula) plus professional fees. For a 75-year lease on a £280,000 flat, expect a total cost of £8,000–£20,000 including legal fees, the freeholder's costs, and surveyor fees. This calculator provides an estimate — always get a formal RICS valuation.
Can I get a mortgage on a short lease?
Most high-street lenders require at least 85 years remaining (to ensure the lease will still have 70+ years at end of a 25-year mortgage term). Between 70–85 years, some specialist lenders may still lend. Below 70 years, very few lenders will consider it — the property becomes very hard to sell.
What is marriage value in leasehold?
Marriage value is the increase in property value created by extending the lease. When a lease drops below 80 years, the freeholder becomes entitled to 50% of this marriage value as part of the extension premium. This is why extending before 80 years is critical — it can save tens of thousands of pounds.
How long does a lease extension take?
A statutory lease extension under the Leasehold Reform Act 1993 typically takes 6–12 months from serving the initial notice (Section 42 notice) to completion. The process involves serving notice, the freeholder counter-proposing, negotiation, and eventual completion. You must have owned the property for at least 2 years before you can apply.
What is the difference between statutory and voluntary lease extension?
A statutory extension (under the 1993 Act) adds exactly 90 years to your current term and reduces ground rent to peppercorn (£0). A voluntary extension is negotiated directly with the freeholder — terms vary but you can extend for more years or get other benefits. Statutory is usually better value; voluntary avoids the formal legal process but the freeholder can set higher terms.
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