Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Market Weighton. Clearly, the period of lease remaining reduces over time. This is often ignored and only raises itself as an issue when the property has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Eligible long lease owners in Market Weighton have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give due attention before delaying your Market Weighton lease extension. Putting off that expense now only increases the price you will ultimately have to pay for a lease extension
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Market Weighton can be a difficult process. We recommend you procure professional help 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 a wealth of experience procuring Market Weighton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful negotiations with the freeholder of her purpose-built apartment in Market Weighton, Alice initiated the lease extension process as the 80 year deadline was rapidly approaching. The lease extension completed in August 2013. The freeholder’s fees were restricted to slightly above 650 GBP.
Last Spring we were approach by Mr and Mrs. S Morel , who completed a ground floor apartment in Market Weighton in February 2006. We are asked if we could approximate the price could be for a 90 year lease extension. Comparable residencies in Market Weighton with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish on 6 November 2102. Considering the 76 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.
Dr Nathan González bought a one bedroom apartment in Market Weighton in October 1997. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative flats in Market Weighton with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease concluded on 7 October 2082. Having 56 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of legals.