The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Great Yarmouth can extend the lease for an additional 90 years under Leasehold Reform legislation. Please think carefully before delaying your Great Yarmouth lease extension. Postponing that expense now simply escalates the premium you will ultimately be required to pay to extend the lease.
Leasehold premises in Great Yarmouth with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| 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. |
| 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 |
| 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 Great Yarmouth can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 a wealth of experience procuring Great Yarmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathaniel owned a 2 bedroom flat in Great Yarmouth on the market with a lease of just over 72 years remaining. Nathaniel on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Last month we were called by Mr and Mrs. K Roberts , who took over the lease of a purpose-built apartment in Great Yarmouth in January 2006. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Similar flats in Great Yarmouth with a long lease were worth £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease expired on 3 February 2100. Taking into account 74 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.
Last September we were approach by Mr and Mrs. T Wood , who purchased a ground floor flat in Great Yarmouth in March 2004. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative homes in Great Yarmouth with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease termination date was on 5 February 2079. Considering the 53 years as a residual term we calculated the premium to the landlord for the lease extension to be between £37,100 and £42,800 plus costs.