As the length of the unexpired term of a Frinton and Walton domestic lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 100 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty years left 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 primary reason why you should extend the lease sooner rather than later. Many flat owners in Frinton and Walton will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| 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. |
| 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. |
| 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. |
Retaining our service gives you better control over the value of your Frinton and Walton leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful discussions with the landlord of her garden flat in Frinton and Walton, Sophia started the lease extension process as the 80 year threshold was fast coming. The transaction completed in May 2007. The freeholder’s charges were kept to an absolute minimum.
Last Spring we were e-mailed by Ms J Clark , who purchased a one bedroom flat in Frinton and Walton in February 2003. We are asked if we could approximate the price could be for a ninety year lease extension. Identical residencies in Frinton and Walton with 100 year plus lease were in the region of £210,600. The mid-range amount of ground rent was £65 invoiced per annum. The lease finished on 13 September 2088. Given that there were 62 years remaining we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 plus fees.
Last Christmas we were contacted by Mrs Victoria Hernández , who bought a one bedroom apartment in Frinton and Walton in November 2009. The dilemma was if we could estimate the premium could be to extend the lease by an additional years. Identical residencies in Frinton and Walton with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 billed per annum. The lease ended in 2098. Taking into account 72 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.