Deanshanger leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, 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. Leasehold owners in Deanshanger will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some cases you may not qualify. There are also strict timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Deanshanger can be a difficult process. We recommend you procure guidance 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 Deanshanger lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy correspondence with the freeholder of her one bedroom apartment in Deanshanger, Hannah initiated the lease extension process as the 80 year mark was fast coming. The lease extension completed in October 2007. The landlord’s costs were negotiated to a tad over 550 GBP.
In 2010 we were contacted by Ms Mollie Nguyen who, having completed a studio flat in Deanshanger in January 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Identical homes in Deanshanger with an extended lease were worth £285,000. The average amount of ground rent was £55 invoiced monthly. The lease terminated on 16 November 2105. Taking into account 79 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of expenses.
In 2013 we were approached by Ms S Dupont who, having moved into a purpose-built flat in Deanshanger in November 1997. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative residencies in Deanshanger with an extended lease were in the region of £193,400. The mid-range amount of ground rent was £65 collected every twelve months. The lease finished on 12 March 2085. Considering the 59 years unexpired we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including professional charges.