Anstey leases on domestic properties are gradually losing value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Anstey will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Anstey with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 freeholder in Anstey,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Anstey valuers.
Ollie was the the leasehold proprietor of a conversion apartment in Anstey being marketed with a lease of fraction over fifty eight years unexpired. Ollie informally approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Ollie to invoke his statutory right. Ollie obtained expert advice and secured satisfactory deal informally and readily saleable.
Mr Jonathan Lee completed a newly refurbished apartment in Anstey in January 1995. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative homes in Anstey with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed per annum. The lease lapsed in 2096. Given that there were 70 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.
Mr and Mrs. W Reed was assigned a lease of a one bedroom apartment in Anstey in July 2002. The question was if we could estimate the price would likely be for a 90 year lease extension. Comparable residencies in Anstey with 100 year plus lease were valued around £223,400. The average amount of ground rent was £60 invoiced monthly. The lease finished in 2085. Having 59 years remaining we estimated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 plus legals.