Why you should start your Cleckheaton lease extension
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Why you should start your Cleckheaton lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/cleckheaton">Cleckheaton</a> property value </h4>
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The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium.
Qualifying leaseholders in Cleckheaton can extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Cleckheaton lease extension. Shelving that expense today simply increases the price you will eventually have to pay for a lease extension. <h4>Cleckheaton property with a lease extension is almost the same value as a freehold</h4>
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Leasehold properties in Cleckheaton with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it. <h4>Banks and Building Societies may not issue a mortgage on a short lease</h4> Mortgage lenders are less likely to grant a loan offer on a domestic flat in Cleckheaton with a short lease. Some lenders simply refuse to lend on leases with below 75 years remaining.
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<th> Requirement
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<td>Coventry Building Society</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Yorkshire Building Society</td>
<td> 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.
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What makes us experts in Cleckheaton lease extensions?
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Lease extensions in Cleckheaton can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
<p>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 Cleckheaton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Cleckheaton Lease Extension Case Summaries:
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<h5> Sophia, Cleckheaton, West Yorkshire,</h5>
<p> Following unsuccessful negotiations with the landlord of her two bedroom apartment in Cleckheaton, Sophia initiated the lease extension process just as the lease was approaching the crucial 80-year threshold. The transaction was finalised in March 2015. The freeholder’s costs were negotiated to approximately 650 pounds.
<h5>Cleckheaton case:</h5>
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In 2011 we were e-mailed by Dr Austin Thomas who, having completed a one bedroom flat in Cleckheaton in March 2009. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparable properties in Cleckheaton with an extended lease were worth £200,000. The average amount of ground rent was £50 invoiced yearly. The lease ended on 24 March 2104. Having 78 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.
<h5>Cleckheaton case:</h5>
<p> Mr and Mrs. W Bertrand bought a first floor flat in Cleckheaton in June 1996. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Cleckheaton with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease expired in 2093. Given that there were 67 years outstanding we estimated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 plus legals.
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