Guiseley leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Guiseley will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Guiseley with more than 100 years remaining on the lease are sometimes 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 freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Guiseley can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 Guiseley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Hugo, started to get close to the 80-year mark with the lease on his studio apartment in Guiseley. In buying his home two decades ago, the length of the lease was of little concern. As luck would have it, he realised he would soon be paying an escalated premium for Extending the lease. Hugo arranged for a lease extension at the eleventh hour in March. Hugo and the landlord ultimately settled on an amount of £5,500 . If the lease had slid lower than 80 years, the amount would have increased by at least £875.
Mr Connor Rodríguez moved into a one bedroom apartment in Guiseley in October 2009. The question was if we could estimate the price could be for a 90 year lease extension. Identical flats in Guiseley with a long lease were valued around £285,000. The average amount of ground rent was £45 billed monthly. The lease ended in 2098. Given that there were 72 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.
Last Christmas we were called by Dr O André , who moved into a studio apartment in Guiseley in May 2010. The question was if we could estimate the price would be for a ninety year lease extension. Comparative residencies in Guiseley with an extended lease were valued about £233,200. The average ground rent payable was £60 collected monthly. The lease ended in 2087. Having 61 years unexpired we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 not including professional charges.