When it comes to domestic leasehold premises in Neston, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than eighty years remaining. Residents in Neston with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. When a lease has under eighty years outstanding, under the current Act the freeholder can calculate and charge a larger amount, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold premises in Neston 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 property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Neston can be a difficult process. We recommend you get professional help from a lawyer 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 Neston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Muhammad, came perilously near to the 80-year mark with the lease on his garden apartment in Neston. In buying his home twenty years ago, the unexpired term was of minimal significance. Luckily, he recognised he would imminently be paying way over the odds for Extending the lease. Muhammad arranged for a lease extension just ahead of time in March. Muhammad and the freeholder subsequently settled on an amount of £6,000 . If he failed to meet the deadline, the amount would have gone up by at least £1,000.
Last June we were phoned by Dr P Howard , who took over the lease of a purpose-built flat in Neston in April 2005. The question was if we could approximate the price would be for a ninety year lease extension. Identical homes in Neston with a long lease were worth £205,000. The average amount of ground rent was £50 invoiced per annum. The lease came to a finish on 15 August 2104. Considering the 79 years as a residual term we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.
Mr and Mrs. B Howard moved into a studio flat in Neston in August 2009. The question was if we could approximate the premium could be to extend the lease by ninety years. Comparable residencies in Neston with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced per annum. The lease terminated on 20 March 2093. Given that there were 68 years remaining we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.