Grange Over Sands leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher amount will be payable. Flat owners in Grange Over Sands will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some situations you may not qualify. There are also strict deadlines and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Grange Over Sands can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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 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.
Liam owned a high value apartment in Grange Over Sands on the market with a lease of just over sixty years unexpired. Liam informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Liam to invoke his statutory right. Liam obtained expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Last Autumn we were e-mailed by Dr U Ramírez , who completed a studio flat in Grange Over Sands in January 2008. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparable residencies in Grange Over Sands with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease came to a finish in 2097. Having 72 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.
Last Christmas we were phoned by Ms S Cook , who was assigned a lease of a one bedroom flat in Grange Over Sands in June 1999. The question was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical flats in Grange Over Sands with a long lease were valued about £256,600. The average amount of ground rent was £60 invoiced monthly. The lease ended on 17 November 2077. Considering the 52 years left we estimated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of fees.