Kirkby Lonsdale residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.
Leasehold properties in Kirkby Lonsdale with over one hundred years outstanding on the lease are often referred to as ‘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 buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| 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. |
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 freeholder in Kirkby Lonsdale,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kirkby Lonsdale valuers.
Half a year ago Sam, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Kirkby Lonsdale. Having purchased his flat two decades ago, the length of the lease was of little bearing. Fortunately, he noticed he would soon be paying an inflated amount for Extending the lease. Sam arranged for a lease extension just ahead of time in May. Sam and the freeholder in the end settled on sum of £5,000 . If he not met the deadline, the figure would have become more exhorbitant by a minimum £900.
Dr U Brown acquired a ground floor flat in Kirkby Lonsdale in November 2009. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Identical flats in Kirkby Lonsdale with an extended lease were in the region of £255,000. The average ground rent payable was £50 collected yearly. The lease ran out in 2095. Having 71 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.
Last Winter we were phoned by Mrs B Smith , who owned a recently refurbished apartment in Kirkby Lonsdale in September 2010. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Comparable properties in Kirkby Lonsdale with an extended lease were valued about £254,200. The average ground rent payable was £60 collected annually. The lease lapsed in 2075. Having 51 years outstanding we approximated the premium to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of fees.