There is no doubt about it a leasehold flat or house in Didsbury is a wasting asset as a result of the diminishing lease term. If the lease has, beyond 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner rather than later. Most flat owners in Didsbury will meet the qualifying criteria; nevertheless a lawyer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Didsbury with over one hundred years outstanding 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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 |
| 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 Didsbury can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Didsbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hunter owned a 2 bedroom apartment in Didsbury on the market with a lease of a few days over sixty years unexpired. Hunter informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be due on a lease extension were Hunter to exercise his statutory right. Hunter procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Mrs C Robinson was assigned a lease of a purpose-built flat in Didsbury in August 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparable premises in Didsbury with 100 year plus lease were worth £240,600. The mid-range ground rent payable was £65 collected quarterly. The lease concluded on 27 March 2088. Having 62 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.
Mr and Mrs. O Ali moved into a purpose-built apartment in Didsbury in July 1996. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Identical homes in Didsbury with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 invoiced per annum. The lease lapsed on 24 October 2078. Taking into account 52 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus legals.