Calverton leases on domestic properties are gradually losing value. if your lease has in the region of ninety years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Calverton will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and steps to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Calverton with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Calverton,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Calverton valuers.
Off the back of lengthy negotiations with the freeholder of her studio flat in Calverton, Tia commenced the lease extension process just as the lease was coming close to the critical eighty-year threshold. The lease extension was finalised in February 2015. The landlord’s fees were restricted to a tad over six hundred GBP.
Last year we were phoned by Dr F Evans , who purchased a studio flat in Calverton in March 2004. We are asked if we could approximate the price could be for a 90 year lease extension. Similar homes in Calverton with an extended lease were in the region of £240,600. The mid-range ground rent payable was £60 billed yearly. The lease finished on 24 May 2087. Considering the 62 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus legals.
Last Winter we were contacted by Dr H Rodríguez , who moved into a studio apartment in Calverton in April 1997. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Similar flats in Calverton with a long lease were in the region of £174,200. The mid-range ground rent payable was £55 collected every twelve months. The lease ran out in 2076. Taking into account 51 years unexpired we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including costs.