Ambleside leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Ambleside will usually qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process is triggered so it’s best to be guided by a lawyer during the process.
It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a freeholder in Ambleside,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ambleside valuers.
During the course of the last few months Logan, came very near to the 80-year threshold with the lease on his two bedroom apartment in Ambleside. Having bought his home 19 years ago, the unexpired term was of no relevance. Fortunately, he became aware that he needed to take action soon on Extending the lease. Logan extended the lease just under the wire last March. Logan and the landlord who owned the flat above eventually agreed on the final figure of £6,000 . If he had missed the deadline, the price would have escalated by at least £900.
Last Christmas we were called by Mr M Green , who acquired a basement flat in Ambleside in May 1996. The question was if we could estimate the premium would be to extend the lease by 90 years. Similar residencies in Ambleside with an extended lease were valued about £189,000. The mid-range ground rent payable was £55 invoiced monthly. The lease ran out in 2078. Considering the 53 years left we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.
In 2014 we were called by Dr Austin Gunderson who, having was assigned a lease of a basement flat in Ambleside in April 2001. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Identical homes in Ambleside with a long lease were in the region of £290,000. The average amount of ground rent was £45 collected per annum. The lease lapsed in 2098. Considering the 73 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.