The closer a domestic lease in Whittlesey gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 100 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Whittlesey will qualify for this right; however a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In certain 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 considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| 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 |
Using our service will provide you enhanced control over the value of your Whittlesey leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Luca, started to get close to the eighty-year threshold with the lease on his basement flat in Whittlesey. Having purchased his property two decades ago, the lease term was of little relevance. by good luck, he noticed he would soon be paying way over the odds for Extending the lease. Luca arranged for a lease extension just under the wire last July. Luca and the freeholder via the managing agents ultimately agreed on the final figure of £5,000 . If he not met the deadline, the sum would have become more costly by at least £850.
Mr and Mrs. W Bernard bought a one bedroom apartment in Whittlesey in July 2000. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Whittlesey with a long lease were worth £295,000. The average ground rent payable was £45 collected yearly. The lease expired in 2099. Considering the 74 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.
Dr N Flores acquired a first floor flat in Whittlesey in February 2005. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Similar premises in Whittlesey with a long lease were valued around £243,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease lapsed in 2088. Having 63 years left we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including costs.