There is no doubt about it a leasehold flat or house in Copmanthorpe is a wasting asset as a result of the shortening lease. Where the lease has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner as opposed to later. The majority of flat owners in Copmanthorpe will qualify for this right; however a lawyer will be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Copmanthorpe with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a freeholder in Copmanthorpe,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Copmanthorpe valuers.
Trailing protracted discussions with the landlord of her purpose-built apartment in Copmanthorpe, Jordan commenced the lease extension process just as her lease was coming close to the critical 80-year mark. The lease extension was finalised in August 2014. The freeholder’s fees were kept to an absolute minimum.
Mrs T Wood owned a one bedroom flat in Copmanthorpe in May 2004. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparable flats in Copmanthorpe with a long lease were in the region of £203,200. The average ground rent payable was £65 invoiced annually. The lease concluded on 7 April 2086. Taking into account 61 years remaining we estimated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of legals.
Last Summer we were phoned by Mrs Samantha Flores , who bought a newly refurbished flat in Copmanthorpe in May 1999. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Identical flats in Copmanthorpe with a long lease were valued around £260,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out in 2097. Given that there were 72 years outstanding we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.