Copmanthorpe leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Copmanthorpe enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Copmanthorpe you should check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Copmanthorpe,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Copmanthorpe valuers.
Following lengthy discussions with the landlord of her basement apartment in Copmanthorpe, Paige started the lease extension process as the 80 year deadline was swiftly coming. The legal work completed in August 2014. The freeholder’s charges were kept to an absolute minimum.
In 2009 we were e-mailed by Dr K Rodríguez who, having completed a studio apartment in Copmanthorpe in September 1996. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Comparative properties in Copmanthorpe with a long lease were valued around £260,000. The average amount of ground rent was £50 collected monthly. The lease ran out on 10 September 2098. Considering the 73 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.
Mrs A Hall purchased a ground floor apartment in Copmanthorpe in September 1996. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparable homes in Copmanthorpe with a long lease were valued around £264,000. The mid-range amount of ground rent was £60 collected annually. The lease ended on 7 April 2078. Having 53 years remaining we calculated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 plus legals.