When it comes to long leasehold property in Anston, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than eighty years remaining. Leasehold owners in Anston with a lease nearing 81 years left should seriously think of extending it without delay. Once a lease has fewer than eighty years outstanding, under the relevant legislation the freeholder can calculate and demand a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
Leasehold premises in Anston with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Anston can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Anston 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 two bedroom apartment in Anston, Morgan started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in July 2008. The freeholder’s costs were kept to an absolute minimum.
Ms Jasmine Howard purchased a newly refurbished flat in Anston in February 1995. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable homes in Anston with a long lease were worth £200,000. The average ground rent payable was £50 invoiced quarterly. The lease ran out on 27 March 2103. Given that there were 77 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.
Last March we were e-mailed by Mr L Davies , who owned a recently refurbished flat in Anston in July 2001. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Similar premises in Anston with a long lease were valued around £260,200. The average ground rent payable was £65 collected monthly. The lease concluded in 2092. Taking into account 66 years left we calculated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 not including costs.