Burnham On Crouch leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Burnham On Crouch will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process has started so it’s best to be guided by a lawyer during the process.
Leasehold properties in Burnham On Crouch with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant 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. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Burnham On Crouch,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Burnham On Crouch valuers.
In the wake of eight months of unsuccessful correspondence with the landlord of her ground floor flat in Burnham On Crouch, Katherine commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The lease extension completed in February 2013. The freeholder’s costs were restricted to less than 600 GBP.
Last Summer we were called by Mrs Naomi Lefebvre , who owned a purpose-built flat in Burnham On Crouch in February 2011. The question was if we could approximate the price would be for a 90 year extension to my lease. Similar flats in Burnham On Crouch with a long lease were valued about £183,600. The mid-range ground rent payable was £65 billed quarterly. The lease finished on 14 August 2083. Given that there were 57 years as a residual term we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including legals.
Last Autumn we were called by Dr B Martinez , who acquired a purpose-built flat in Burnham On Crouch in May 2008. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable flats in Burnham On Crouch with a long lease were worth £250,000. The mid-range ground rent payable was £50 collected yearly. The lease ended on 8 June 2094. Given that there were 68 years as a residual term we estimated the premium to the landlord to extend the lease to be between £10,500 and £12,000 exclusive of costs.