Anlaby leases on domestic deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Anlaby will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are also strict timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.
| 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. |
The conveyancers that we work with handle Anlaby 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 conveyancer we work with provide it.
Isaac was the the leasehold owner of a high value apartment in Anlaby being marketed with a lease of just over fifty eight years left. Isaac informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Isaac to exercise his statutory right. Isaac procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.
In 2014 we were called by Dr Hugo Martínez who, having bought a basement flat in Anlaby in June 2005. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Comparable residencies in Anlaby with an extended lease were in the region of £257,800. The mid-range ground rent payable was £65 collected per annum. The lease ended in 2091. Considering the 65 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 plus costs.
Mr and Mrs. N Thompson acquired a purpose-built apartment in Anlaby in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Anlaby with a long lease were valued about £191,400. The mid-range ground rent payable was £55 billed every twelve months. The lease elapsed in 2080. Taking into account 54 years as a residual term we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of expenses.