As the the remaining lease term of a Almondsbury domestic lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 125 years remaining then this decrease may be fractional that being said there will become a stage 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 markedly the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Almondsbury will meet the qualifying criteria; that being said a lawyer 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 owned the property for under two years.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Almondsbury can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 dealing with Almondsbury 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 correspondence with the landlord of her two bedroom apartment in Almondsbury, Chloe started the lease extension process just as her lease was nearing the crucial 80-year threshold. The transaction completed in March 2015. The landlord’s costs were kept to an absolute minimum.
Last month we were approach by Mr and Mrs. C Robinson , who acquired a purpose-built flat in Almondsbury in March 2001. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparable flats in Almondsbury with a long lease were valued about £200,800. The average ground rent payable was £65 invoiced yearly. The lease expired in 2085. Taking into account 60 years outstanding we approximated the premium to the landlord to extend the lease to be between £20,900 and £24,200 plus fees.
In 2014 we were e-mailed by Mr and Mrs. N Gómez who, having was assigned a lease of a one bedroom apartment in Almondsbury in June 2010. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical homes in Almondsbury with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease lapsed on 7 February 2096. Considering the 71 years remaining we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.