The closer a residential lease in Lanchester gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than one hundred years to run then this decrease may be negligible however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Lanchester will qualify for this right; however a conveyancer should be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Lanchester with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Lanchester can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 procuring Lanchester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy correspondence with the landlord of her leasehold apartment in Lanchester, Gemma commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The lease extension was finalised in April 2009. The landlord’s costs were kept to an absolute minimum.
Dr Katherine Hernández bought a ground floor flat in Lanchester in April 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable flats in Lanchester with an extended lease were in the region of £265,000. The average ground rent payable was £50 collected monthly. The lease elapsed on 3 June 2098. Having 73 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.
Dr Shannon Bertrand took over the lease of a garden flat in Lanchester in March 1999. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative residencies in Lanchester with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease elapsed on 18 April 2078. Given that there were 53 years unexpired we approximated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of fees.