When it comes to domestic leasehold property in Dalton in Furness, you effectively rent it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably when there are less than 80 years remaining. Residents in Dalton in Furness with a lease drawing near to 81 years unexpired should seriously think of extending it sooner as opposed to later. When a lease has below eighty years outstanding, under the current statute the landlord is entitled to calculate and levy a greater premium, based on a technical calculation, known as “marriage value” which is due.
It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Dalton in Furness can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.
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.
Max owned a high value apartment in Dalton in Furness being sold with a lease of a little over 61 years outstanding. Max on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Max to exercise his statutory right. Max obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.
Mr and Mrs. M King owned a one bedroom apartment in Dalton in Furness in October 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Identical premises in Dalton in Furness with 100 year plus lease were valued around £233,200. The average ground rent payable was £60 billed annually. The lease came to a finish on 19 August 2087. Having 61 years remaining we estimated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 not including fees.
Mr N Taylor purchased a garden flat in Dalton in Furness in June 2001. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable homes in Dalton in Furness with 100 year plus lease were valued about £171,800. The average ground rent payable was £55 billed yearly. The lease lapsed on 23 September 2076. Given that there were 50 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 not including fees.