Ashton In Makerfield leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the existing lease drops below eighty years - otherwise a higher amount will be payable. Leasehold owners in Ashton In Makerfield will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Ashton In Makerfield with in excess of 100 years left on the lease are sometimes referred to as ‘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 buying the freehold unless savings on ground rent and estate charges warrant it.
| 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. |
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Using our service will provide you better control over the value of your Ashton In Makerfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of lengthy negotiations with the freeholder of her leasehold apartment in Ashton In Makerfield, Ella commenced the lease extension process as the eighty year deadline was rapidly approaching. The lease extension was finalised in February 2009. The freeholder’s charges were restricted to less than 500 pounds.
Last Christmas we were phoned by Mr and Mrs. P Martinez , who was assigned a lease of a recently refurbished flat in Ashton In Makerfield in July 2007. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparative homes in Ashton In Makerfield with an extended lease were worth £260,000. The mid-range ground rent payable was £50 collected yearly. The lease concluded on 19 March 2097. Having 72 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.
In 2013 we were called by Mr P Nguyen who, having completed a garden apartment in Ashton In Makerfield in April 1998. We are asked if we could estimate the price could be to prolong the lease by ninety years. Similar flats in Ashton In Makerfield with an extended lease were valued around £261,600. The average ground rent payable was £60 invoiced every twelve months. The lease ran out in 2077. Taking into account 52 years remaining we estimated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of professional charges.