Chances are that where you own a flat in Accrington you actually own a long leasehold interest over your property
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Accrington can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Accrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Milo, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Accrington. In buying his flat 19 years ago, the lease term was of minimal importance. Luckily, it dawned on him that he would soon be paying way over the odds for Extending the lease. Milo extended the lease just ahead of time last July. Milo and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If he failed to meet the deadline, the amount would have become more exhorbitant by at least £1,150.
Last month we were called by Mrs Alexandra Roberts , who completed a first floor flat in Accrington in August 1996. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative flats in Accrington with an extended lease were worth £245,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed in 2093. Taking into account 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.
Ms Naomi Scott took over the lease of a garden apartment in Accrington in March 2008. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical homes in Accrington with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 invoiced per annum. The lease finished in 2104. Considering the 79 years remaining we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.