The only way is down when it comes to Cleveleys lease terms. Cleveleys flats that have a remaining term lower than 80 years will drop in market price even faster, and the cost to extend your lease will increase.
Leasehold properties in Cleveleys with over one hundred years outstanding 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 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
Lease extensions in Cleveleys can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 dealing with Cleveleys lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago James, came perilously close to the 80-year threshold with the lease on his one bedroom apartment in Cleveleys. Having bought his property 18 years ago, the lease term was of minimal concern. Fortunately, he recognised he needed to take steps soon on a lease extension. James arranged for a lease extension just under the wire in September. James and the landlord who owned the flat above eventually agreed on sum of £6,000 . If he had missed the deadline, the amount would have gone up by at least £1,125.
Last year we were e-mailed by Dr Cameron Norbert , who acquired a newly refurbished flat in Cleveleys in October 2001. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable homes in Cleveleys with 100 year plus lease were worth £245,000. The average amount of ground rent was £50 invoiced yearly. The lease elapsed in 2093. Considering the 68 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.
In 2010 we were called by Mr and Mrs. P Thomas who, having purchased a recently refurbished flat in Cleveleys in November 2009. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Similar flats in Cleveleys with 100 year plus lease were worth £285,000. The average ground rent payable was £55 billed quarterly. The lease expired on 26 October 2104. Having 79 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus legals.