Main reasons to commence your Ashton Under Lyne lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/ashton-under-lyne">Ashton Under Lyne</a> lease depreciates with the years remaining on the lease.
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Ashton Under Lyne leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Ashton Under Lyne residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Ashton Under Lyne you really ought to see if your lease has between 70 and 90 years left. There are good reasons why a Ashton Under Lyne leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay <h4>Ashton Under Lyne property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years ahead.
<h4>Banks and Building Societies will not lend with a short lease</h4> Lenders do not grant a mortgage on short residential leases. You most probably experience problems where you wish to sell your flat in Ashton Under Lyne if the unexpired lease term is below the criteria set by most mortgage companies. Different lenders have different criteria but generally theyrequire an unexpired term of at least seventy years.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<h4> Get in touch with one of our Ashton Under Lyne lease extension solicitors or enfranchisement solicitors
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The conveyancing solicitors that we work with handle Ashton Under Lyne lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
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Ashton Under Lyne Lease Extension Example Cases:
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<h5> Victoria, Ashton Under Lyne, Greater Manchester,</h5>
<p> In the wake of 9 months of protracted discussions with the freeholder of her first floor flat in Ashton Under Lyne, Victoria started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The transaction completed in August 2007. The landlord’s costs were kept to an absolute minimum.
<h5>Ashton Under Lyne case:</h5>
<p> Dr Y Clark was assigned a lease of a purpose-built flat in Ashton Under Lyne in July 2003. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar homes in Ashton Under Lyne with a long lease were worth £246,800. The mid-range amount of ground rent was £60 billed quarterly. The lease finished on 14 September 2076. Taking into account 50 years outstanding we approximated the premium to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of expenses.
<h5>Ashton Under Lyne case:</h5>
<p> Dr O Gray was assigned a lease of a newly refurbished flat in Ashton Under Lyne in June 2012. We are asked if we could approximate the price would be to prolong the lease by ninety years. Identical properties in Ashton Under Lyne with a long lease were valued about £208,200. The average amount of ground rent was £65 collected quarterly. The lease expiry date was on 20 July 2087. Given that there were 61 years unexpired we estimated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus fees.
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