Aston Clinton leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Aston Clinton will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Aston Clinton with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service gives you increased control over the value of your Aston Clinton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Jacob owned a high value flat in Aston Clinton being marketed with a lease of a little over 59 years outstanding. Jacob on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jacob to exercise his statutory right. Jacob procured expert legal guidance and secured satisfactory deal informally and sell the property.
In 2014 we were contacted by Mr B Morel who, having was assigned a lease of a basement flat in Aston Clinton in January 2001. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in Aston Clinton with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed quarterly. The lease expired on 1 February 2097. Having 71 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
In 2010 we were phoned by Ms U Miller who, having completed a basement flat in Aston Clinton in March 2010. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar premises in Aston Clinton with 100 year plus lease were valued around £254,200. The mid-range amount of ground rent was £60 invoiced monthly. The lease concluded in 2077. Considering the 51 years left we approximated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of expenses.