Grange Over Sands leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher premium will be due. Leasehold owners in Grange Over Sands will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not qualify. There are also strict timetables and steps to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Grange Over Sands with more than one hundred years outstanding on the lease are sometimes 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | 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 |
Lease extensions in Grange Over Sands can be a difficult process. We recommend you secure guidance from a lawyer 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 Grange Over Sands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Kian, came critically close to the eighty-year threshold with the lease on his first floor apartment in Grange Over Sands. In buying his property two decades ago, the lease term was of no relevance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Kian arranged for a lease extension just ahead of time last May. Kian and the freeholder ultimately agreed on the final figure of £6,000 . If he failed to meet the deadline, the sum would have increased by at least £1,075.
In 2009 we were phoned by Dr Aimee Scott who, having acquired a studio flat in Grange Over Sands in July 2011. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative residencies in Grange Over Sands with 100 year plus lease were in the region of £218,000. The mid-range ground rent payable was £45 collected yearly. The lease ended on 24 October 2088. Considering the 63 years outstanding we estimated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 plus costs.
In 2013 we were contacted by Mr and Mrs. U Bennett who, having purchased a basement apartment in Grange Over Sands in October 2000. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Grange Over Sands with an extended lease were valued about £265,000. The average amount of ground rent was £50 invoiced yearly. The lease expiry date was on 2 April 2099. Taking into account 74 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.