There is no doubt about it a leasehold property in Shillington is a wasting asset as a result of the shortening lease. If the lease has, more than 99 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty 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 primary reason why you should extend the lease without delay. Most flat owners in Shillington will qualify for this right; that being said a conveyancer can confirm whether 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 Shillington with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Shillington,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shillington valuers.
Trailing unsuccessful correspondence with the landlord of her purpose-built apartment in Shillington, Sian started the lease extension process as the eighty year deadline was fast nearing. The transaction was concluded in June 2013. The landlord’s charges were kept to an absolute minimum.
Dr Owen Martínez purchased a one bedroom apartment in Shillington in February 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Similar premises in Shillington with an extended lease were in the region of £191,400. The average amount of ground rent was £55 collected monthly. The lease concluded on 23 January 2079. Given that there were 54 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of legals.
In 2009 we were contacted by Mr Toby Gómez who, having acquired a one bedroom apartment in Shillington in August 2005. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable flats in Shillington with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease finished on 16 January 2099. Considering the 74 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.