Why you should commence your Askam In Furness lease extension
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Main reasons to commence your Askam In Furness lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/askam-in-furness">Askam In Furness</a> property value </h4>
<p> It’s an underpublicised certainty that a Askam In Furness residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Askam In Furness property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Askam In Furness will be able to extend under the legislation; however a lawyer will be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer throughout the formalities.
<h4>Askam In Furness property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold premises in Askam In Furness with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it. <h4>Lenders may not loan monies with a short lease</h4> Lending institutions are less likely to give a mortgage on a domestic property in Askam In Furness with a short lease. Many lenders simply refuse to lend on leases with under 75 years left.
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<th> Requirement
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<td>Chelsea Building Society</td>
<td> 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.
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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>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 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.
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Why use us for your lease extension in Askam In Furness? </h4>
<p> Using our service will provide you enhanced control over the value of your Askam In Furness leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell.
The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Askam In Furness Lease Extension Case Studies:
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<h5> Ellie, Askam In Furness, Cumbria,</h5>
<p> Off the back of protracted discussions with the freeholder of her studio apartment in Askam In Furness, Ellie commenced the lease extension process as the 80 year mark was quickly approaching. The legal work was concluded in January 2013. The landlord’s costs were kept to an absolute minimum.
<h5>Askam In Furness case:</h5>
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In 2013 we were called by Mr Connor Ali who, having acquired a garden apartment in Askam In Furness in April 1998. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative flats in Askam In Furness with an extended lease were worth £174,200. The mid-range amount of ground rent was £55 collected yearly. The lease terminated on 28 August 2077. Considering the 51 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus fees.
<h5>Askam In Furness case:</h5>
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In 2010 we were contacted by Mr Finley Green who, having purchased a basement apartment in Askam In Furness in October 1998. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative flats in Askam In Furness with a long lease were in the region of £285,000. The average ground rent payable was £45 invoiced annually. The lease came to a finish in 2097. Considering the 71 years left we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.
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