The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Anlaby can extend the lease for a further 90 years in accordance with statute. Do think carefully before delaying your Anlaby lease extension. Putting off that expense today simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold premises in Anlaby with over 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 circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify 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. |
| Godiva Mortgages | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
| Yorkshire 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. |
Irrespective of whether you are a tenant or a landlord in Anlaby,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Anlaby valuers.
Harvey was the the leasehold proprietor of a high value flat in Anlaby being marketed with a lease of just over fifty eight years left. Harvey informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harvey to invoke his statutory right. Harvey procured expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the property.
Mr C Moreau owned a garden flat in Anlaby in September 2009. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Comparable properties in Anlaby with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 invoiced annually. The lease finished on 20 April 2104. Given that there were 79 years unexpired we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.
Mrs Abbie Rivera owned a garden apartment in Anlaby in September 2002. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Similar residencies in Anlaby with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £65 billed per annum. The lease elapsed on 15 February 2093. Having 68 years as a residual term we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.