The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Devizes may extend the lease for a further 90 years in accordance with statute. Please think carefully before delaying your Devizes lease extension. Postponing the costs now simply escalates the premium you will ultimately be required to pay for a lease extension.
Leasehold properties in Devizes with over one hundred years remaining on the lease are sometimes regarded as a ‘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 purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | 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. |
| 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 Devizes 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 dealing with Devizes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tyler owned a 2 bedroom flat in Devizes being sold with a lease of fraction over 59 years outstanding. Tyler informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Mr Eliot Wood owned a basement apartment in Devizes in November 1998. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative flats in Devizes with 100 year plus lease were worth £285,000. The average ground rent payable was £55 collected annually. The lease lapsed on 27 November 2105. Taking into account 79 years left we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.
Dr R François bought a garden apartment in Devizes in April 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Comparative residencies in Devizes with 100 year plus lease were valued about £193,400. The mid-range ground rent payable was £65 collected annually. The lease elapsed in 2085. Taking into account 59 years remaining we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.