Conisbrough leases on domestic deteriorating in value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Conisbrough will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Conisbrough with in excess of 100 years unexpired on the lease are often regarded as a ‘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 purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Conisbrough can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Conisbrough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted negotiations with the freeholder of her one bedroom flat in Conisbrough, Natalie commenced the lease extension process just as the lease was approaching the crucial eighty-year mark. The lease extension completed in June 2007. The landlord’s costs were negotiated to less than 450 pounds.
In 2010 we were approached by Mr and Mrs. R Rose who, having was assigned a lease of a ground floor flat in Conisbrough in September 1997. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative homes in Conisbrough with a long lease were valued about £218,000. The average amount of ground rent was £45 collected quarterly. The lease finished on 13 January 2088. Having 63 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of fees.
Mr and Mrs. U Garcia took over the lease of a one bedroom apartment in Conisbrough in June 2007. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Identical residencies in Conisbrough with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded on 13 October 2099. Having 74 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.