There is no doubt about it a leasehold flat or house in Dalton in Furness is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond 99 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. The majority of flat owners in Dalton in Furness will meet the qualifying criteria; that being said a conveyancer will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Dalton in Furness with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Dalton in Furness,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Dalton in Furness valuers.
Blake owned a high value apartment in Dalton in Furness being marketed with a lease of just over 61 years unexpired. Blake informally contacted his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
Mr and Mrs. N Smith acquired a garden flat in Dalton in Furness in April 2006. We are asked if we could approximate the premium could be to extend the lease by an additional years. Comparable residencies in Dalton in Furness with an extended lease were worth £295,000. The average amount of ground rent was £50 collected yearly. The lease expired on 25 February 2099. Considering the 75 years remaining we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.
In 2012 we were e-mailed by Mr Leo Lefèvre who, having completed a studio apartment in Dalton in Furness in March 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Comparable premises in Dalton in Furness with a long lease were worth £250,400. The average amount of ground rent was £65 invoiced per annum. The lease lapsed on 2 May 2088. Taking into account 64 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of costs.