Aston Clinton leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Aston Clinton will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Aston Clinton with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Aston Clinton can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Aston Clinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the landlord of her one bedroom apartment in Aston Clinton, Eleanor initiated the lease extension process as the eighty year deadline was quickly nearing. The legal work was finalised in March 2013. The freeholder’s charges were negotiated to approximately 600 pounds.
Dr Mia Moreau moved into a basement apartment in Aston Clinton in July 1997. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Comparable homes in Aston Clinton with a long lease were valued around £225,400. The average amount of ground rent was £45 billed annually. The lease lapsed in 2090. Given that there were 64 years remaining we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 plus fees.
In 2011 we were approached by Dr Oliver Lewis who, having moved into a purpose-built apartment in Aston Clinton in January 2006. We are asked if we could estimate the price would be to extend the lease by 90 years. Similar premises in Aston Clinton with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ended on 16 November 2101. Having 75 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.