Unfortunately that a Pocklington residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Pocklington property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in Pocklington will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.
Leasehold residencies in Pocklington with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Pocklington can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 Pocklington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Max was the the leasehold owner of a studio apartment in Pocklington being marketed with a lease of fraction over fifty eight years outstanding. Max on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Last month we were phoned by Mr Matthew Torres , who completed a first floor flat in Pocklington in July 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Pocklington with a long lease were valued around £184,000. The mid-range amount of ground rent was £55 billed monthly. The lease came to a finish on 11 March 2078. Considering the 53 years left we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus expenses.
In 2010 we were contacted by Dr Victoria Torres who, having completed a ground floor apartment in Pocklington in July 1997. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative homes in Pocklington with a long lease were in the region of £290,000. The average ground rent payable was £45 invoiced yearly. The lease lapsed on 19 August 2098. Having 73 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.