The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Blakelaw may extend the lease for a further ninety years under statute. Please give careful consideration before delaying your Blakelaw lease extension. Shelving the costs now simply escalates the price you will eventually be required to pay to extend the lease.
Leasehold properties in Blakelaw with more than 100 years outstanding 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Lease extensions in Blakelaw can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.
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 Blakelaw lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful negotiations with the landlord of her leasehold flat in Blakelaw, Holly started the lease extension process just as her lease was nearing the critical 80-year mark. The lease extension was concluded in September 2011. The landlord’s fees were kept to an absolute minimum.
Last year we were phoned by Ms Robyn Pérez , who was assigned a lease of a one bedroom apartment in Blakelaw in October 2005. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Similar premises in Blakelaw with 100 year plus lease were in the region of £166,400. The average ground rent payable was £60 invoiced per annum. The lease elapsed in 2080. Given that there were 54 years outstanding we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus legals.
Dr K Gray bought a recently refurbished apartment in Blakelaw in July 2006. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Blakelaw with an extended lease were valued around £227,800. The average amount of ground rent was £45 billed yearly. The lease lapsed in 2091. Taking into account 65 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.