There is no doubt about it a leasehold flat or house in Pocklington is a wasting asset as a result of the shortening lease. If the lease has, beyond 100 years to run then this decrease may be negligible nevertheless there will become a point in time 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 sharply the cost. It is the primary reason why you should extend the lease without delay. Many flat owners in Pocklington will meet the qualifying criteria; nevertheless a lawyer can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start 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. |
| Yorkshire 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. |
Regardless of whether you are a tenant or a freeholder in Pocklington,the lease extension solicitors 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 Pocklington valuers.
Following unsuccessful discussions with the landlord of her studio flat in Pocklington, Kelsey initiated the lease extension process as the 80 year deadline was swiftly coming. The transaction was concluded in March 2010. The freeholder’s costs were restricted to less than 550 pounds.
Ms Emma Young was assigned a lease of a ground floor apartment in Pocklington in January 2001. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Similar properties in Pocklington with a long lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced yearly. The lease end date was in 2105. Having 80 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.
In 2014 we were approached by Mr L Simon who, having took over the lease of a basement apartment in Pocklington in February 2009. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Pocklington with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £45 invoiced annually. The lease terminated in 2094. Taking into account 69 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.