Cross Keys leases on domestic deteriorating in value. if your lease has approximately ninety 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 start incurring an additional element called marriage value. Leasehold owners in Cross Keys will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In some circumstances you may not qualify. There are prescribed timetables and formalities to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Cross Keys,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Cross Keys valuers.
Two years ago Zachary, came seriously near to the eighty-year threshold with the lease on his one bedroom apartment in Cross Keys. In buying his home twenty years previously, the length of the lease was of minimal relevance. Thankfully, he realised he needed to take steps soon on a lease extension. Zachary was able to extend his lease just in the nick of time in July. Zachary and the landlord in the end settled on the final figure of £6,000 . If he failed to meet the deadline, the price would have escalated by at least £900.
Last Spring we were called by Mr and Mrs. N Clark , who was assigned a lease of a one bedroom flat in Cross Keys in November 1999. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparable residencies in Cross Keys with an extended lease were in the region of £275,000. The average amount of ground rent was £55 collected monthly. The lease ran out on 8 July 2101. Given that there were 76 years outstanding we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.
Ms O François completed a basement flat in Cross Keys in July 2012. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Identical residencies in Cross Keys with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease terminated in 2081. Considering the 56 years left we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including fees.