The nearer a residential lease in Ackworth gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease sooner as opposed to later. The majority of flat owners in Ackworth will meet the qualifying criteria; nevertheless a conveyancer can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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 Ackworth,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 experience and the close ties they enjoy with Ackworth valuers.
In the wake of 9 months of unsuccessful correspondence with the freeholder of her two bedroom flat in Ackworth, Anna commenced the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension completed in August 2009. The landlord’s costs were negotiated to under 450 GBP.
Last March we were e-mailed by Mr D Moore , who took over the lease of a ground floor apartment in Ackworth in September 2001. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparable premises in Ackworth with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 billed every twelve months. The lease lapsed on 3 April 2095. Considering the 70 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.
In 2014 we were approached by Mr Y Stewart who, having acquired a first floor flat in Ackworth in October 2012. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Ackworth with 100 year plus lease were worth £246,800. The mid-range ground rent payable was £60 billed yearly. The lease came to a finish on 25 June 2075. Having 50 years remaining we approximated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of legals.