Castleton and Blacktown leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Castleton and Blacktown will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some cases you may not qualify. There are prescribed timetables and steps to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | 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. |
Regardless of whether you are a tenant or a freeholder in Castleton and Blacktown,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Castleton and Blacktown valuers.
Subsequent to unsuccessful discussions with the freeholder of her two bedroom apartment in Castleton and Blacktown, Bethan started the lease extension process as the 80 year mark was rapidly coming. The legal work was finalised in April 2005. The landlord’s costs were negotiated to about six hundred GBP.
Last Autumn we were contacted by Mr and Mrs. S Ricardo , who completed a purpose-built apartment in Castleton and Blacktown in February 1995. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Castleton and Blacktown with an extended lease were worth £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease finished on 13 April 2096. Considering the 71 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.
Mr Jake Morris purchased a first floor apartment in Castleton and Blacktown in October 2009. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Similar flats in Castleton and Blacktown with 100 year plus lease were valued about £225,800. The mid-range ground rent payable was £60 billed annually. The lease expired on 28 July 2085. Taking into account 60 years remaining we calculated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 plus expenses.