The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Ainsdale have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Ainsdale lease extension. Shelving the costs now simply increases the premium you will ultimately have to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Ainsdale,the lease extension lawyers 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 Ainsdale valuers.
Off the back of unsuccessful negotiations with the landlord of her leasehold apartment in Ainsdale, Sophie commenced the lease extension process just as her lease was approaching the crucial 80-year mark. The legal work completed in November 2014. The landlord’s fees were restricted to less than 700 GBP.
Last Winter we were contacted by Mr and Mrs. G Smith , who took over the lease of a ground floor flat in Ainsdale in April 2005. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative homes in Ainsdale with an extended lease were worth £205,000. The mid-range ground rent payable was £50 billed annually. The lease terminated in 2105. Considering the 79 years left we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.
Last Autumn we were called by Dr Caitlin Díaz , who purchased a basement flat in Ainsdale in May 1997. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar homes in Ainsdale with a long lease were in the region of £275,000. The average amount of ground rent was £65 collected every twelve months. The lease concluded on 13 August 2094. Having 68 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus legals.