For anyone whose Appleby In Westmorland flat is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.
Leasehold properties in Appleby In Westmorland with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Appleby In Westmorland can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Appleby In Westmorland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the landlord of her studio flat in Appleby In Westmorland, Gemma commenced the lease extension process just as her lease was approaching the critical 80-year mark. The legal work was finalised in April 2013. The freeholder’s fees were negotiated to under 700 pounds.
In 2011 we were e-mailed by Mr and Mrs. A Harris who, having completed a first floor apartment in Appleby In Westmorland in April 2011. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Appleby In Westmorland with a long lease were valued around £250,000. The average ground rent payable was £50 billed per annum. The lease came to a finish on 26 November 2096. Given that there were 70 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
Mr and Mrs. E Lefèvre owned a ground floor apartment in Appleby In Westmorland in October 2006. We are asked if we could estimate the price could be to extend the lease by 90 years. Similar properties in Appleby In Westmorland with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 collected every twelve months. The lease termination date was on 5 November 2076. Given that there were 50 years outstanding we estimated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 not including professional charges.