Chulmleigh leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Chulmleigh enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Chulmleigh you really ought to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Chulmleigh flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay
Leasehold residencies in Chulmleigh with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Chulmleigh can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 procuring Chulmleigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Thomas, came perilously near to the eighty-year threshold with the lease on his garden apartment in Chulmleigh. Having bought his home twenty years previously, the unexpired term was of minimal importance. Fortunately, he noticed he would soon be paying an escalated premium for Extending the lease. Thomas extended the lease just in the nick of time last July. Thomas and the landlord subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have become more costly by at least £900.
In 2009 we were phoned by Mr and Mrs. C Carter who, having took over the lease of a first floor flat in Chulmleigh in July 2003. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparable premises in Chulmleigh with a long lease were in the region of £295,000. The mid-range amount of ground rent was £45 billed annually. The lease finished on 3 June 2100. Given that there were 74 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.
Last February we were approach by Mr and Mrs. Y Sánchez , who completed a one bedroom flat in Chulmleigh in January 2001. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Comparative homes in Chulmleigh with a long lease were worth £248,000. The mid-range ground rent payable was £65 collected per annum. The lease elapsed in 2089. Given that there were 63 years left we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 plus professional charges.