The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Lymm may extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Lymm lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend the lease.
Leasehold residencies in Lymm with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Lymm,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lymm valuers.
Felix owned a 2 bedroom apartment in Lymm on the market with a lease of just over sixty years left. Felix informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.
Dr Oscar Bertrand was assigned a lease of a one bedroom apartment in Lymm in May 2012. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable homes in Lymm with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease expired on 27 February 2102. Considering the 77 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.
Mr and Mrs. E Ali purchased a purpose-built apartment in Lymm in June 2005. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical flats in Lymm with a long lease were valued about £183,600. The mid-range ground rent payable was £65 billed every twelve months. The lease ran out on 4 October 2082. Given that there were 57 years outstanding we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus professional charges.