There is no doubt about it a leasehold flat or house in Ouston is a wasting asset as a result of the diminishing lease term. Where the lease has, over one hundred years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years remaining 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 primary reason why you should consider extending without delay. The majority of flat owners in Ouston will qualify for this right; that being said a conveyancer should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ouston can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 Ouston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jude was the the leasehold proprietor of a studio apartment in Ouston on the market with a lease of a few days over 61 years left. Jude on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Jude to exercise his statutory right. Jude procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.
Last Christmas we were phoned by Dr Toby François , who was assigned a lease of a garden flat in Ouston in March 1999. The question was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical homes in Ouston with 100 year plus lease were valued about £257,800. The average amount of ground rent was £65 invoiced per annum. The lease expiry date was in 2090. Having 65 years left we calculated the premium to the landlord to extend the lease to be between £18,100 and £20,800 plus professional charges.
Last Spring we were phoned by Mr and Mrs. E Watson , who owned a basement flat in Ouston in October 2010. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Similar flats in Ouston with an extended lease were worth £191,400. The mid-range ground rent payable was £55 billed per annum. The lease finished in 2079. Having 54 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 plus costs.