With a long leasehold premises in Burton upon Stather, you are actually buying an entitlement to reside in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are fewer than 80 years remaining. Leasehold owners in Burton upon Stather with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has below 80 years remaining, under the relevant statute the landlord is entitled to calculate and levy a greater amount, based on a technical computation, strangely termed as “marriage value” which is payable.
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you increased control over the value of your Burton upon Stather leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted correspondence with the landlord of her basement flat in Burton upon Stather, Isabel initiated the lease extension process as the eighty year deadline was swiftly coming. The lease extension was finalised in June 2014. The freeholder’s costs were kept to an absolute minimum.
Last Summer we were phoned by Mr and Mrs. F Garcia , who purchased a garden flat in Burton upon Stather in February 2006. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical homes in Burton upon Stather with an extended lease were worth £280,000. The average amount of ground rent was £45 collected per annum. The lease finished in 2096. Considering the 70 years remaining we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.
Last year we were phoned by Dr F González , who was assigned a lease of a ground floor flat in Burton upon Stather in April 2007. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable homes in Burton upon Stather with an extended lease were in the region of £223,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease concluded in 2085. Given that there were 59 years remaining we calculated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 exclusive of costs.