Copmanthorpe leases on residential properties are gradually losing value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Copmanthorpe will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some cases you may not be entitled. There are also strict deadlines and formalities to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Copmanthorpe with more than 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Engaging our service gives you enhanced control over the value of your Copmanthorpe leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Teddy was the the leasehold proprietor of a studio apartment in Copmanthorpe being sold with a lease of just over 72 years remaining. Teddy informally contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Teddy to invoke his statutory right. Teddy procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.
Last Christmas we were contacted by Mr U Miller , who took over the lease of a recently refurbished flat in Copmanthorpe in January 1996. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparative premises in Copmanthorpe with 100 year plus lease were valued around £176,200. The average amount of ground rent was £65 collected monthly. The lease ran out on 6 May 2082. Considering the 56 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 not including expenses.
In 2012 we were approached by Dr Harriet Williams who, having acquired a one bedroom flat in Copmanthorpe in January 2005. We are asked if we could approximate the premium could be for a 90 year lease extension. Similar homes in Copmanthorpe with a long lease were in the region of £237,600. The mid-range ground rent payable was £45 collected monthly. The lease expired in 2093. Having 67 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including costs.