As the the remaining lease term of a Appleby In Westmorland domestic lease decreases so does its value and therefore the value of your property. Where the lease has, beyond one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner rather than later. The majority of flat owners in Appleby In Westmorland will meet the qualifying criteria; however a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Appleby In Westmorland,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Appleby In Westmorland valuers.
Mason owned a high value flat in Appleby In Westmorland on the market with a lease of a little over 61 years left. Mason on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Mason to invoke his statutory right. Mason procured expert advice and secured satisfactory deal without going to tribunal and sell the flat.
In 2013 we were approached by Ms H González who, having moved into a first floor flat in Appleby In Westmorland in May 2006. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in Appleby In Westmorland with a long lease were in the region of £260,000. The average ground rent payable was £50 invoiced quarterly. The lease expired on 16 October 2097. Considering the 72 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.
Last Winter we were approach by Dr Aarav Phillips , who bought a first floor apartment in Appleby In Westmorland in February 2001. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable residencies in Appleby In Westmorland with a long lease were in the region of £256,600. The average amount of ground rent was £60 billed every twelve months. The lease elapsed in 2077. Taking into account 52 years left we approximated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 exclusive of fees.