As the the remaining lease term of a Conisbrough domestic lease diminished so does its value and therefore the value of your property. If the lease has, in excess of one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner than later. Many flat owners in Conisbrough will meet the qualifying criteria; nevertheless a conveyancer should be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Conisbrough with over one hundred years unexpired 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Conisbrough,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Conisbrough valuers.
Nathan was the the leasehold owner of a studio apartment in Conisbrough being sold with a lease of a few days over 61 years unexpired. Nathan on an informal basis contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Nathan to exercise his statutory right. Nathan procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Last Winter we were called by Mr and Mrs. S François , who acquired a ground floor apartment in Conisbrough in March 1998. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparative properties in Conisbrough with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 collected per annum. The lease end date was in 2103. Having 77 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.
Last Christmas we were e-mailed by Dr Y Phillips , who bought a one bedroom apartment in Conisbrough in May 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative residencies in Conisbrough with an extended lease were in the region of £183,600. The mid-range ground rent payable was £65 collected quarterly. The lease lapsed in 2083. Taking into account 57 years left we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of fees.