The nearer a domestic lease in Groby and Ratby nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner as opposed to later. Many flat owners in Groby and Ratby will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| 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. |
| 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. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Groby and Ratby,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Groby and Ratby valuers.
During the course of the last few months Omar, started to get near to the 80-year mark with the lease on his ground floor flat in Groby and Ratby. Having purchased his property twenty years previously, the unexpired term was of little bearing. Luckily, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Omar arranged for a lease extension just under the wire last September. Omar and the landlord who owned the flat above eventually agreed on sum of £5,000 . If he had missed the deadline, the amount would have increased by at least £1,100.
In 2013 we were phoned by Mr and Mrs. Y Rodríguez who, having completed a recently refurbished apartment in Groby and Ratby in June 2011. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative flats in Groby and Ratby with 100 year plus lease were worth £295,000. The mid-range amount of ground rent was £45 collected monthly. The lease ran out in 2099. Considering the 74 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.
Last Summer we were phoned by Mr and Mrs. I Bell , who acquired a garden flat in Groby and Ratby in January 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Groby and Ratby with a long lease were valued about £243,000. The mid-range ground rent payable was £65 collected monthly. The lease concluded on 27 April 2088. Having 63 years remaining we calculated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 plus professional charges.