The closer a residential lease in Barton Le Clay nears to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 99 years to run then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Barton Le Clay will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Engaging our service gives you increased control over the value of your Barton Le Clay leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her two bedroom apartment in Barton Le Clay, Sarah initiated the lease extension process as the 80 year mark was quickly advancing. The transaction was concluded in August 2009. The landlord’s fees were kept to an absolute minimum.
In 2012 we were approached by Ms O David who, having bought a purpose-built flat in Barton Le Clay in April 1999. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Barton Le Clay with 100 year plus lease were worth £242,600. The average ground rent payable was £45 invoiced per annum. The lease elapsed in 2092. Given that there were 67 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including costs.
Last month we were contacted by Mrs Sarah Jones , who took over the lease of a basement flat in Barton Le Clay in October 2010. The question was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparative residencies in Barton Le Clay with an extended lease were worth £280,000. The mid-range amount of ground rent was £55 collected per annum. The lease elapsed in 2103. Having 78 years remaining we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.