With a residential leasehold premises in Creekmouth, you are actually buying a right to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than 80 years left. Leasehold owners in Creekmouth with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has fewer than eighty years left, under the relevant statute the freeholder is entitled to calculate and charge a greater premium, assessed on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold properties in Creekmouth with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Coventry Building Society | 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. |
| 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. |
Lease extensions in Creekmouth can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 Creekmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Max, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Creekmouth. Having purchased his property 19 years previously, the lease term was of no bearing. Luckily, it dawned on him that he needed to take action soon on a lease extension. Max extended the lease just under the wire in January. Max and the freeholder subsequently settled on sum of £5,500 . If he failed to meet the deadline, the figure would have increased by a minimum £925.
Mrs Sian Evans owned a studio flat in Creekmouth in July 2000. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical properties in Creekmouth with a long lease were valued about £193,400. The average ground rent payable was £65 billed per annum. The lease elapsed in 2085. Given that there were 59 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 plus fees.
An example of a Lease Extension case for a Creekmouth residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired term as at the valuation date was 69.77 years.