The nearer a domestic lease in Barlaston gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Barlaston will meet the qualifying criteria; however a conveyancing solicitor can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Barlaston can be a difficult process. We recommend you secure guidance 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 in-depth market knowledge dealing with Barlaston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Charlie, came seriously close to the eighty-year mark with the lease on his leasehold flat in Barlaston. In buying his flat two decades ago, the length of the lease was of no relevance. Fortunately, he recognised he needed to take steps soon on Extending the lease. Charlie arranged for a lease extension just under the wire last April. Charlie and the landlord who owned the flat above eventually agreed on the final figure of £6,000 . If he not met the deadline, the amount would have become more costly by a minimum £900.
Mr Arthur López purchased a one bedroom apartment in Barlaston in October 1997. The question was if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparative flats in Barlaston with an extended lease were valued about £250,400. The mid-range amount of ground rent was £65 collected quarterly. The lease finished on 27 July 2090. Given that there were 64 years outstanding we approximated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of legals.
Dr Reuben Rivera bought a newly refurbished flat in Barlaston in September 1998. We are asked if we could estimate the price would be to extend the lease by 90 years. Identical premises in Barlaston with an extended lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced per annum. The lease came to a finish on 22 July 2079. Considering the 53 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of expenses.