Frizington leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Frizington will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain cases you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Using our service gives you enhanced control over the value of your Frizington leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful negotiations with the freeholder of her basement flat in Frizington, Jordan started the lease extension process as the 80 year threshold was quickly coming. The transaction completed in February 2005. The freeholder’s fees were kept to an absolute minimum.
Dr Jasper Ramírez took over the lease of a purpose-built flat in Frizington in August 2012. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Comparable flats in Frizington with an extended lease were in the region of £223,400. The average ground rent payable was £60 billed yearly. The lease ran out in 2084. Taking into account 59 years left we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 not including professional charges.
Dr Jade Edwards took over the lease of a one bedroom flat in Frizington in September 2004. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative residencies in Frizington with a long lease were worth £205,000. The average amount of ground rent was £50 billed per annum. The lease ran out on 2 June 2104. Given that there were 79 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.