The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Carisbrooke have the legal entitlement to extend the lease for an additional 90 years in accordance with legislation. Please give careful consideration before delaying your Carisbrooke lease extension. Shelving the costs today simply escalates the amount you will eventually have to pay to extend the lease.
Leasehold premises in Carisbrooke with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate 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. |
| Lloyds TSB Scotland | 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 |
| 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 Carisbrooke,the lease extension lawyers 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 Carisbrooke valuers.
Alfie was the the leasehold owner of a conversion apartment in Carisbrooke on the market with a lease of a few days over fifty eight years unexpired. Alfie on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alfie to invoke his statutory right. Alfie procured expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the flat.
In 2011 we were e-mailed by Mr and Mrs. N Lefebvre who, having owned a recently refurbished flat in Carisbrooke in April 1995. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar residencies in Carisbrooke with a long lease were in the region of £295,000. The average amount of ground rent was £50 invoiced quarterly. The lease terminated on 21 August 2100. Having 75 years unexpired we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including professional charges.
Dr F Morris purchased a one bedroom apartment in Carisbrooke in July 2000. We are asked if we could estimate the price would be for a 90 year lease extension. Comparable homes in Carisbrooke with 100 year plus lease were valued about £250,400. The average amount of ground rent was £65 collected monthly. The lease end date was on 1 July 2089. Having 64 years left we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of fees.