There is no doubt about it a leasehold property in Amble is a wasting asset as a result of the diminishing lease term. If the lease has, in excess of 99 years to run then this decrease may be of little impact nevertheless there will become a stage 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 increase sharply the cost. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Amble will meet the qualifying criteria; nevertheless a conveyancer can advise if you qualify to extend your lease. In limited 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 conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Amble can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Amble lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the landlord of her leasehold flat in Amble, Amber initiated the lease extension process as the eighty year mark was fast advancing. The transaction completed in November 2015. The freeholder’s charges were restricted to less than five hundred GBP.
Last Autumn we were approach by Dr Isobel Bertrand , who moved into a first floor flat in Amble in February 1998. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparable homes in Amble with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease came to a finish on 22 September 2102. Having 76 years left we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.
In 2010 we were e-mailed by Mr and Mrs. U Simon who, having took over the lease of a first floor flat in Amble in April 2005. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparative homes in Amble with an extended lease were valued around £257,800. The mid-range amount of ground rent was £65 billed per annum. The lease terminated on 16 October 2091. Having 65 years left we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus costs.