As the the remaining lease term of a Calne domestic lease decreases so does its value and therefore the value of your property. If the lease has, over one hundred years to run then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired 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 main reason why you should consider extending sooner than later. Most flat owners in Calne will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| 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 Calne can be a difficult process. We recommend you get professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 dealing with Calne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the freeholder of her two bedroom flat in Calne, Alicia commenced the lease extension process just as the lease was coming close to the all-important 80-year deadline. The lease extension was finalised in January 2012. The freeholder’s fees were kept to an absolute minimum.
Mr W André was assigned a lease of a studio apartment in Calne in September 2006. We are asked if we could estimate the price could be for a ninety year lease extension. Identical flats in Calne with 100 year plus lease were valued around £250,400. The average ground rent payable was £65 invoiced yearly. The lease termination date was in 2089. Having 64 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 plus fees.
In 2009 we were e-mailed by Ms F Robinson who, having bought a studio flat in Calne in May 2009. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Identical premises in Calne with 100 year plus lease were valued about £184,000. The mid-range amount of ground rent was £55 collected monthly. The lease came to a finish on 28 January 2078. Given that there were 53 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus professional charges.