Frinton On Sea leases on domestic properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Frinton On Sea will usually qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some situations you may not be entitled. There are also strict timetables and formalities to follow once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Frinton On Sea with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Frinton On Sea can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Frinton On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago George, came critically near to the 80-year threshold with the lease on his studio flat in Frinton On Sea. In buying his flat two decades ago, the unexpired term was of little bearing. by good luck, he became aware that he would soon be paying an inflated amount for a lease extension. George extended the lease just under the wire last March. George and the freeholder via the managing agents in the end agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £925.
Mrs Sarah Jones was assigned a lease of a studio apartment in Frinton On Sea in August 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable properties in Frinton On Sea with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed monthly. The lease lapsed in 2086. Taking into account 61 years left we calculated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 plus expenses.
In 2010 we were approached by Ms Emily Vincent who, having purchased a recently refurbished flat in Frinton On Sea in March 1998. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparative residencies in Frinton On Sea with an extended lease were in the region of £171,800. The mid-range ground rent payable was £55 invoiced monthly. The lease lapsed in 2075. Considering the 50 years outstanding we estimated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 plus professional charges.