As the length of the unexpired term of a Toddington residential lease lessens so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years left 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 reason why you should extend the lease without delay. Many flat owners in Toddington will qualify for this right; nevertheless a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Toddington can be a difficult process. We recommend you obtain guidance 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 Toddington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Adam, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Toddington. Having purchased his flat two decades ago, the lease term was of little bearing. Fortunately, he noticed he would imminently be paying an escalated premium for Extending the lease. Adam arranged for a lease extension just in the nick of time last September. Adam and the landlord subsequently agreed on sum of £5,500 . If he had missed the deadline, the amount would have escalated by a minimum £850.
Dr Alex Mitchell was assigned a lease of a one bedroom flat in Toddington in September 2005. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparable flats in Toddington with an extended lease were worth £200,800. The average ground rent payable was £65 billed per annum. The lease finished in 2085. Considering the 60 years unexpired we calculated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 not including professional charges.
In 2014 we were contacted by Mrs N Kelly who, having moved into a purpose-built apartment in Toddington in February 1996. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical flats in Toddington with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 collected yearly. The lease ended on 19 April 2096. Given that there were 71 years outstanding we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.