It’s an underpublicised truth that a Great Yarmouth residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Great Yarmouth property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher amount will be due. Most leasehold owners in Great Yarmouth will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the formalities.
It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Great Yarmouth,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Great Yarmouth valuers.
Following unsuccessful negotiations with the freeholder of her studio apartment in Great Yarmouth, Rachel commenced the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work was concluded in March 2014. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. L Ricardo owned a ground floor apartment in Great Yarmouth in January 2009. The question was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative premises in Great Yarmouth with an extended lease were worth £280,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish in 2104. Taking into account 79 years as a residual term we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including expenses.
Mr and Mrs. R Wood was assigned a lease of a one bedroom apartment in Great Yarmouth in January 1997. We are asked if we could approximate the price could be for a 90 year lease extension. Comparative premises in Great Yarmouth with an extended lease were in the region of £193,400. The mid-range amount of ground rent was £65 billed per annum. The lease came to a finish on 2 September 2084. Given that there were 59 years left we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of fees.