With a residential leasehold property in Coleshill, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than 80 years remaining. Anyone in Coleshill with a lease approaching 81 years remaining should seriously consider extending it without delay. Once the lease term has less than 80 years left, under the current statute the landlord is entitled to calculate and charge a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Coleshill can be a difficult process. We recommend you get professional help from a lawyer 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 Coleshill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the freeholder of her basement flat in Coleshill, Stephanie started the lease extension process as the eighty year deadline was rapidly approaching. The lease extension completed in February 2012. The landlord’s fees were restricted to slightly above six hundred GBP.
Last Winter we were approach by Dr R Miller , who owned a purpose-built flat in Coleshill in February 2012. The question was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Identical residencies in Coleshill with 100 year plus lease were in the region of £275,000. The average ground rent payable was £65 collected every twelve months. The lease came to a finish in 2093. Having 68 years unexpired we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.
In 2013 we were phoned by Dr K Rose who, having acquired a basement apartment in Coleshill in February 2004. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Comparable homes in Coleshill with a long lease were in the region of £208,600. The mid-range ground rent payable was £60 billed annually. The lease expired on 18 May 2082. Taking into account 57 years left we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus fees.