The closer a domestic lease in Arnside nears to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 99 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Arnside will qualify for this right; however a conveyancer will be able to confirm 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 under two years.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Arnside can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in this area.
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 Arnside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the landlord of her one bedroom apartment in Arnside, Ellie initiated the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work completed in May 2009. The landlord’s charges were kept to an absolute minimum.
Last Christmas we were approach by Mr and Mrs. S Rodríguez , who acquired a newly refurbished apartment in Arnside in September 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar flats in Arnside with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £60 invoiced annually. The lease terminated in 2088. Given that there were 62 years unexpired we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus costs.
Last January we were called by Mr and Mrs. E Cooper , who acquired a studio flat in Arnside in May 2007. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical residencies in Arnside with 100 year plus lease were valued about £174,200. The mid-range amount of ground rent was £55 collected annually. The lease came to a finish in 2077. Considering the 51 years left we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of fees.