As the the remaining lease term of a Linton domestic lease decreases so does its value and therefore the value of your property. If the residual term has, beyond 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner than later. The majority of flat owners in Linton will qualify for this right; however a conveyancer will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Linton with in excess of 100 years left on the lease are sometimes 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 purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service will provide you enhanced control over the value of your Linton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Noah was the the leasehold owner of a high value apartment in Linton being sold with a lease of fraction over 72 years unexpired. Noah on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Noah to invoke his statutory right. Noah obtained expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Last Christmas we were e-mailed by Dr M Ramírez , who moved into a basement apartment in Linton in April 2001. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparable properties in Linton with a long lease were valued around £200,000. The average amount of ground rent was £50 invoiced annually. The lease expired on 15 August 2102. Having 77 years left we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.
Mr and Mrs. G Bernard moved into a basement apartment in Linton in February 2001. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative homes in Linton with an extended lease were in the region of £265,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease concluded in 2091. Given that there were 66 years outstanding we estimated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus fees.