For anyone whose Atherstone property is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in Atherstone can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 a wealth of experience procuring Atherstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her leasehold apartment in Atherstone, Jordan started the lease extension process as the eighty year mark was rapidly advancing. The legal work was finalised in June 2005. The landlord’s fees were kept to an absolute minimum.
Last Spring we were approach by Dr Callum Lambert , who bought a ground floor flat in Atherstone in January 2009. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Identical properties in Atherstone with 100 year plus lease were in the region of £208,200. The mid-range amount of ground rent was £65 invoiced annually. The lease ended in 2086. Considering the 61 years left we estimated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus fees.
Last Autumn we were approach by Mr Andrew Kelly , who was assigned a lease of a purpose-built flat in Atherstone in March 2011. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparable properties in Atherstone with a long lease were worth £260,000. The mid-range ground rent payable was £50 invoiced annually. The lease concluded on 4 May 2097. Considering the 72 years outstanding we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.