Crawcrook and Ryton leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Crawcrook and Ryton will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some cases you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Crawcrook and Ryton with more than 100 years left on the lease are often referred to as ‘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 upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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. |
Lease extensions in Crawcrook and Ryton can be a difficult process. We recommend you secure professional help from a conveyancer 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 procuring Crawcrook and Ryton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Isaac was the the leasehold proprietor of a studio flat in Crawcrook and Ryton on the market with a lease of a little over 72 years outstanding. Isaac informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert advice and secured satisfactory resolution informally and readily saleable.
Last Christmas we were contacted by Dr O Adams , who bought a recently refurbished flat in Crawcrook and Ryton in January 2002. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical residencies in Crawcrook and Ryton with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed on 23 July 2105. Given that there were 79 years remaining we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of costs.
Last Autumn we were phoned by Ms O Davies , who was assigned a lease of a basement flat in Crawcrook and Ryton in March 2008. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Identical properties in Crawcrook and Ryton with a long lease were worth £193,400. The mid-range ground rent payable was £65 billed per annum. The lease finished in 2085. Having 59 years left we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of costs.