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Top reasons for Anlaby lease extension

Why you should commence your Anlaby lease extension today:

A Anlaby leasehold property depreciates with the years remaining on the lease.

The value of Anlaby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

Lenders are tightening their criteria and many now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Anlaby were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
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

What makes us experts in Anlaby lease extensions?

Lease extensions in Anlaby can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

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 procuring Anlaby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Anlaby Lease Extension Case Studies:

Ellie, Anlaby, East Yorkshire,

Off the back of protracted negotiations with the freeholder of her two bedroom flat in Anlaby, Ellie started the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension was finalised in January 2012. The landlord’s fees were negotiated to under 550 GBP.

Anlaby case:

Last month we were contacted by Dr Sam Petit , who took over the lease of a garden apartment in Anlaby in October 2004. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar premises in Anlaby with an extended lease were valued about £200,000. The average ground rent payable was £50 billed yearly. The lease ended in 2100. Considering the 77 years unexpired we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.

Anlaby case:

In 2014 we were contacted by Ms Naomi Lee who, having purchased a recently refurbished apartment in Anlaby in March 2005. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Comparable properties in Anlaby with 100 year plus lease were in the region of £260,200. The average ground rent payable was £65 billed yearly. The lease elapsed on 24 August 2089. Given that there were 66 years left we estimated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 not including legals.