Anlaby leases on residential properties are gradually losing value. if your lease has about 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Anlaby will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Anlaby with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| 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. |
| Halifax | 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. |
Lease extensions in Anlaby can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 dealing with Anlaby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the landlord of her basement apartment in Anlaby, Kelsey commenced the lease extension process as the 80 year mark was quickly approaching. The legal work completed in May 2014. The freeholder’s costs were kept to an absolute minimum.
In 2011 we were phoned by Mr Ollie Wood who, having was assigned a lease of a garden apartment in Anlaby in September 1995. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar residencies in Anlaby with a long lease were valued around £174,200. The mid-range ground rent payable was £55 billed annually. The lease expired on 1 January 2076. Having 51 years unexpired we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.
In 2013 we were approached by Dr Adam Williams who, having took over the lease of a recently refurbished flat in Anlaby in May 2001. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative homes in Anlaby with a long lease were worth £285,000. The mid-range amount of ground rent was £45 billed per annum. The lease ended in 2096. Taking into account 71 years remaining we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including professional charges.