The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Aigburth can extend the lease for a further 90 years in accordance with statute. Do give careful consideration before delaying your Aigburth lease extension. Postponing the costs now simply escalates the premium you will eventually have to pay for a lease extension.
It is generally considered 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 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Coventry Building Society | 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. |
| 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. |
| 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 |
The conveyancing solicitors that we work with undertake Aigburth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Stanley was the the leasehold owner of a studio apartment in Aigburth on the market with a lease of a few days over sixty years remaining. Stanley on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be payable on a lease extension were Stanley to invoke his statutory right. Stanley obtained expert advice and secured an acceptable deal informally and readily saleable.
Last month we were phoned by Mr A Rivera , who acquired a ground floor apartment in Aigburth in June 2011. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar properties in Aigburth with a long lease were worth £200,000. The average ground rent payable was £50 invoiced annually. The lease expired in 2102. Given that there were 77 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.
Dr Kate Green took over the lease of a recently refurbished flat in Aigburth in February 1998. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Identical flats in Aigburth with 100 year plus lease were worth £265,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease elapsed in 2091. Considering the 66 years remaining we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of costs.