As the length of the unexpired term of a Dalton in Furness domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over one hundred years to run then this decrease may be negligible however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Dalton in Furness will meet the qualifying criteria; nevertheless a lawyer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Dalton in Furness with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Dalton in Furness can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 Dalton in Furness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Finn, came seriously close to the eighty-year threshold with the lease on his purpose- built flat in Dalton in Furness. In buying his home two decades ago, the length of the lease was of minimal relevance. Luckily, he became aware that he needed to take action soon on a lease extension. Finn arranged for a lease extension at the eleventh hour last April. Finn and the landlord who owned the flat above in the end settled on sum of £5,500 . If he failed to meet the deadline, the price would have gone up by a minimum £1,075.
Last Christmas we were contacted by Ms J Kelly , who bought a garden flat in Dalton in Furness in March 1997. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Similar homes in Dalton in Furness with a long lease were in the region of £210,000. The average amount of ground rent was £50 billed every twelve months. The lease came to a finish on 1 September 2105. Having 80 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
Last year we were phoned by Mr and Mrs. D Alexander , who bought a garden apartment in Dalton in Furness in April 2003. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Dalton in Furness with a long lease were worth £280,000. The average amount of ground rent was £45 billed every twelve months. The lease ran out on 5 August 2094. Taking into account 69 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.