Goole leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the existing lease drops under 80 years - otherwise a higher amount will be payable. Leasehold owners in Goole will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
Lease extensions in Goole can be a difficult process. We recommend you obtain guidance from a lawyer 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 in-depth market knowledge dealing with Goole lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy negotiations with the freeholder of her garden flat in Goole, Victoria initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension was concluded in January 2011. The freeholder’s costs were restricted to less than 700 GBP.
Mr Adam Pérez bought a one bedroom apartment in Goole in June 2003. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative flats in Goole with an extended lease were in the region of £235,200. The average ground rent payable was £45 billed yearly. The lease ended in 2092. Having 66 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.
In 2010 we were phoned by Dr K Kelly who, having completed a purpose-built apartment in Goole in March 2009. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Comparative premises in Goole with a long lease were valued about £275,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished on 8 March 2103. Considering the 77 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus legals.