There is no doubt about it a leasehold property in Blandfordum is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has under 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 logic behind why you should extend the lease without delay. Many flat owners in Blandfordum will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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:
|
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Blandfordum can be a difficult process. We recommend you procure guidance from a lawyer 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 in-depth market knowledge procuring Blandfordum lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aiden owned a conversion flat in Blandfordum on the market with a lease of a few days over fifty eight years remaining. Aiden informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Aiden to exercise his statutory right. Aiden obtained expert legal guidance and secured satisfactory deal informally and sell the flat.
Mr and Mrs. U Bonnet acquired a ground floor apartment in Blandfordum in October 2005. The question was if we could approximate the premium would be to prolong the lease by ninety years. Similar premises in Blandfordum with a long lease were worth £242,600. The average amount of ground rent was £45 billed per annum. The lease finished on 3 April 2093. Given that there were 67 years left we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 not including fees.
Last year we were e-mailed by Dr P Lee , who moved into a basement flat in Blandfordum in February 2008. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical residencies in Blandfordum with a long lease were valued around £280,000. The mid-range ground rent payable was £55 collected quarterly. The lease finished in 2104. Considering the 78 years remaining we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.