Beckermet leases on residential deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher premium will be due. Leasehold owners in Beckermet will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 Beckermet can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.
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 dealing with Beckermet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful discussions with the landlord of her one bedroom apartment in Beckermet, Harriet started the lease extension process as the eighty year deadline was swiftly nearing. The transaction completed in May 2008. The freeholder’s costs were kept to an absolute minimum.
Last May we were called by Mr and Mrs. N Sánchez , who took over the lease of a ground floor apartment in Beckermet in February 2004. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Beckermet with a long lease were worth £174,200. The mid-range ground rent payable was £55 invoiced per annum. The lease elapsed in 2076. Considering the 51 years remaining we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of costs.
In 2011 we were e-mailed by Mrs Rachael Thompson who, having took over the lease of a one bedroom apartment in Beckermet in August 1995. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Beckermet with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 collected every twelve months. The lease terminated in 2096. Taking into account 71 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.