Top reasons for Aylesbury lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/aylesbury">Aylesbury</a> property value </h4>
<p> The market value of Aylesbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is below than 80 years
<h4>An extended lease has roughly the same value as a freehold</h4>
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Leasehold residencies in Aylesbury with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it. <h4>Banks and Building Societies may decide not to grant a mortgage with a short lease</h4> Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This may cause difficulties once you come to dispose of or refinance your flat as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your buyer will need to wait 2 years before they can commence the legal procedures for a lease extension.
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<th> Requirement
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<td>Barclays plc</td>
<td> Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).<br /><br />Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.<br /><br />Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:<br /><br />• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND<br />• The value of the property subject to the short remaining term is £500,000 or more AND<br />• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Aylesbury? </h4>
<p> Using our service gives you better control over the value of your Aylesbury leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell.
The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Aylesbury Lease Extension Case Summaries:
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<h5> Jake, Aylesbury, Buckinghamshire</h5>
<p> Last October Jake, came very near to the 80-year threshold with the lease on his basement flat in Aylesbury. In buying his property two decades ago, the lease term was of minimal significance. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Jake extended the lease just ahead of time in July. Jake and the landlord who owned the flat above in the end agreed on the final figure of £5,000 . If he had missed the deadline, the premium would have escalated by at least £850.
<h5>Aylesbury case:</h5>
<p> Dr Jason Pérez acquired a ground floor flat in Aylesbury in February 2003. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Aylesbury with an extended lease were in the region of £240,600. The average ground rent payable was £65 collected per annum. The lease came to a finish in 2088. Given that there were 62 years unexpired we calculated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 plus costs.
<h5>Aylesbury case:</h5>
<p> Mr and Mrs. H Lee completed a one bedroom apartment in Aylesbury in March 2005. The question was if we could estimate the premium could be for a 90 year lease extension. Comparable homes in Aylesbury with an extended lease were valued about £174,200. The mid-range amount of ground rent was £55 billed every twelve months. The lease terminated in 2077. Having 51 years remaining we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus legals.
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