Belford leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Belford will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Belford with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Irrespective of whether you are a tenant or a freeholder in Belford,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Belford valuers.
Following unsuccessful discussions with the landlord of her basement apartment in Belford, Jade commenced the lease extension process just as the lease was nearing the critical 80-year mark. The transaction was finalised in September 2011. The freeholder’s costs were restricted to approximately 700 GBP.
Mr and Mrs. U Bell moved into a first floor apartment in Belford in October 1995. The question was if we could estimate the premium would be for a ninety year extension to my lease. Comparative premises in Belford with a long lease were valued about £280,000. The mid-range ground rent payable was £55 collected monthly. The lease came to a finish in 2102. Taking into account 77 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.
Mr and Mrs. F Bell was assigned a lease of a basement flat in Belford in April 1996. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative premises in Belford with a long lease were worth £183,600. The average amount of ground rent was £65 billed every twelve months. The lease elapsed in 2082. Given that there were 57 years unexpired we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of costs.