The nearer a domestic lease in Freshford nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 125 years to run then this decrease may be negligible however 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 markedly the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Freshford will qualify for this right; that being said a conveyancer can confirm whether you are eligible 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 Freshford with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset 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 |
Lease extensions in Freshford can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 Freshford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy negotiations with the freeholder of her studio apartment in Freshford, Bethan started the lease extension process just as the lease was nearing the all-important eighty-year threshold. The lease extension was finalised in August 2010. The landlord’s charges were restricted to approximately 550 GBP.
In 2014 we were phoned by Ms Leah King who, having completed a purpose-built apartment in Freshford in February 2004. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Similar homes in Freshford with an extended lease were valued around £250,400. The average ground rent payable was £65 billed annually. The lease expired in 2089. Given that there were 64 years outstanding we estimated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including costs.
Last Autumn we were e-mailed by Dr Reuben Howard , who moved into a studio apartment in Freshford in September 1998. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Similar premises in Freshford with 100 year plus lease were valued around £184,000. The mid-range ground rent payable was £55 billed quarterly. The lease expiry date was in 2078. Given that there were 53 years remaining we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.