The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Barrow In Furness may extend the lease for an additional ninety years under legislation. Please think carefully before delaying your Barrow In Furness lease extension. Shelving the costs today simply escalates the price you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Barrow In Furness can be a difficult process. We recommend you get professional help from a lawyer 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 dealing with Barrow In Furness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Evan owned a conversion apartment in Barrow In Furness on the market with a lease of a few days over fifty eight years left. Evan informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Evan to invoke his statutory right. Evan obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
Ms P André owned a ground floor apartment in Barrow In Furness in July 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparable residencies in Barrow In Furness with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease ran out in 2096. Taking into account 71 years outstanding we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.
In 2010 we were phoned by Mr Tyler Young who, having took over the lease of a ground floor flat in Barrow In Furness in February 1999. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Barrow In Furness with an extended lease were worth £254,200. The average ground rent payable was £60 billed monthly. The lease elapsed on 13 June 2076. Given that there were 51 years outstanding we estimated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus expenses.