Top reasons for Rowen lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/rowen">Rowen</a> property value </h4>
<p> Unfortunately that a Rowen residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Rowen property prices.Once your lease nears 85ish years, you should start considering a lease extension. If lease term slips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Rowen will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the formalities.
<h4>Rowen property with a lease extension is almost the same value as a freehold</h4>
<p> It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
<h4>Banks and Building Societies may decide not to issue a mortgage with a short lease</h4> Almost all mortgage companies require a lengthy amount of time left on a leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on <p>
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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What makes us experts in Rowen lease extensions?
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<p> Engaging our service gives you enhanced control over the value of your Rowen leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell.
The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Rowen Lease Extension Example Cases:
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<h5> Leo, Rowen, Conwy,</h5>
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Leo was the the leasehold proprietor of a studio flat in Rowen on the market with a lease of a few days over 72 years outstanding. Leo on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Leo to invoke his statutory right. Leo obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
<h5>Rowen case:</h5>
<p> Dr Eliot Adams completed a basement flat in Rowen in July 2003. The question was if we could estimate the premium could be to extend the lease by ninety years. Identical homes in Rowen with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £65 billed annually. The lease terminated on 6 September 2088. Given that there were 62 years remaining we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including legals.
<h5>Rowen case:</h5>
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In 2011 we were e-mailed by Mr Kian Taylor who, having completed a purpose-built apartment in Rowen in May 2012. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Identical flats in Rowen with 100 year plus lease were in the region of £179,200. The mid-range ground rent payable was £55 collected monthly. The lease lapsed in 2077. Considering the 51 years remaining we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.
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