The closer a residential lease in Forest Hall gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, over one hundred 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 left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner as opposed to later. The majority of flat owners in Forest Hall will qualify for this right; however a conveyancer can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Forest Hall with over 100 years left on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
Lease extensions in Forest Hall can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Forest Hall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Gabriel, started to get near to the 80-year mark with the lease on his purpose- built apartment in Forest Hall. Having purchased his property 18 years previously, the unexpired term was of little concern. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Gabriel was able to extend his lease just under the wire last June. Gabriel and the freeholder via the managing agents subsequently settled on sum of £5,000 . If he not met the deadline, the premium would have increased by at least £975.
Mrs W Watson completed a studio flat in Forest Hall in January 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Similar properties in Forest Hall with 100 year plus lease were worth £198,800. The average amount of ground rent was £55 billed yearly. The lease came to a finish in 2080. Taking into account 55 years remaining we estimated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 not including expenses.
Last Christmas we were e-mailed by Mr N Norbert , who acquired a one bedroom flat in Forest Hall in June 2001. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative premises in Forest Hall with a long lease were in the region of £295,000. The average amount of ground rent was £50 collected monthly. The lease lapsed on 24 November 2100. Considering the 75 years left we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.