Main reasons to start your Helsby lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/helsby">Helsby</a> property value </h4>
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Helsby leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Helsby will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
<h4>An extended lease has roughly the same value as a freehold</h4>
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Leasehold properties in Helsby with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it. <h4>Banks and Building Societies may decide not to grant a mortgage with a short lease</h4> Many mortgage lenders insist on a lengthy amount of time left on a leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be conscious that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on <p>
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<tr><th>Lender</th>
<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />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.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Helsby? </h4>
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Lease extensions in Helsby can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
<p>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 in-depth market knowledge procuring Helsby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Helsby Lease Extension Example Cases:
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<h5> Eliot, Helsby, Cheshire</h5>
<p> In recent months Eliot, came precariously near to the eighty-year mark with the lease on his leasehold apartment in Helsby. In buying his flat 19 years ago, the length of the lease was of no relevance. Fortunately, he noticed he needed to take action soon on Extending the lease. Eliot arranged for a lease extension just ahead of time last April. Eliot and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If he had missed the deadline, the sum would have become more costly by a minimum £1,000.
<h5>Helsby case:</h5>
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In 2010 we were contacted by Ms Aimee Hall who, having was assigned a lease of a basement apartment in Helsby in April 2002. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparable homes in Helsby with an extended lease were worth £290,000. The average ground rent payable was £45 billed monthly. The lease expiry date was in 2099. Taking into account 73 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.
<h5>Helsby case:</h5>
<p> Mr and Mrs. I Girard was assigned a lease of a purpose-built flat in Helsby in May 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Similar properties in Helsby with a long lease were valued around £240,600. The mid-range ground rent payable was £65 invoiced per annum. The lease concluded in 2088. Considering the 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of expenses.
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