As the the remaining lease term of a Breaston domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, beyond 99 years to run then this decrease may be of little impact however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. Most flat owners in Breaston will qualify for this right; however a conveyancer can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Breaston with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Breaston can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.
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 Breaston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Nathaniel, started to get close to the 80-year mark with the lease on his two bedroom apartment in Breaston. In buying his flat two decades ago, the unexpired term was of no interest. by good luck, it dawned on him that he needed to take action soon on Extending the lease. Nathaniel was able to extend his lease just in the nick of time last January. Nathaniel and the freeholder via the managing agents in the end agreed on the final figure of £5,500 . If he failed to meet the deadline, the amount would have escalated by at least £1,125.
In 2011 we were called by Dr Jamie Thomas who, having was assigned a lease of a one bedroom flat in Breaston in April 1996. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar residencies in Breaston with 100 year plus lease were valued around £203,200. The average amount of ground rent was £65 invoiced quarterly. The lease finished on 13 January 2086. Having 61 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus professional charges.
Last year we were approach by Mr and Mrs. I Miller , who completed a purpose-built apartment in Breaston in October 2005. We are asked if we could approximate the price would be to prolong the lease by an additional years. Identical flats in Breaston with an extended lease were worth £260,000. The average ground rent payable was £50 invoiced quarterly. The lease end date was on 17 April 2097. Taking into account 72 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.