When it comes to long leasehold property in Dalton in Furness, you are actually purchasing an entitlement to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than eighty years left. Anyone in Dalton in Furness with a lease nearing 81 years left should seriously consider extending it as soon as possible. When a lease has less than 80 years left, under the relevant legislation the freeholder can calculate and levy a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you better control over the value of your Dalton in Furness leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Jacob owned a conversion flat in Dalton in Furness being sold with a lease of fraction over sixty years unexpired. Jacob informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jacob to invoke his statutory right. Jacob obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.
Last Autumn we were approach by Ms F Nelson , who was assigned a lease of a garden flat in Dalton in Furness in February 2001. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar homes in Dalton in Furness with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease finished in 2104. Having 79 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.
Last February we were e-mailed by Mrs Chelsea White , who moved into a first floor apartment in Dalton in Furness in March 1996. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical flats in Dalton in Furness with a long lease were worth £275,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease lapsed in 2093. Considering the 68 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.