For those whose Dalton in Furness property is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension.
Leasehold premises in Dalton in Furness with more than 100 years outstanding 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant 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. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Dalton in Furness can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in this area.
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 procuring Dalton in Furness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kai was the the leasehold owner of a conversion flat in Dalton in Furness being marketed with a lease of just over sixty years left. Kai informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Kai to exercise his statutory right. Kai obtained expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Mr and Mrs. U Morgan completed a studio apartment in Dalton in Furness in October 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Dalton in Furness with an extended lease were valued around £191,400. The average amount of ground rent was £55 collected every twelve months. The lease concluded on 9 February 2080. Considering the 54 years outstanding we calculated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 exclusive of professional charges.
Ms Lucy Walker completed a studio flat in Dalton in Furness in April 1997. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar residencies in Dalton in Furness with a long lease were valued about £295,000. The average ground rent payable was £45 invoiced quarterly. The lease end date was on 9 May 2100. Taking into account 74 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.