There is no doubt about it a leasehold property in Horsford is a wasting asset as a result of the shortening lease. If the lease has, in excess of 125 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. Many flat owners in Horsford will meet the qualifying criteria; that being said a conveyancer can advise if you qualify to extend your lease. 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 residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| 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 Horsford can be a difficult process. We recommend you get professional help from a conveyancer 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 procuring Horsford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the landlord of her basement apartment in Horsford, Rachael initiated the lease extension process as the eighty year mark was swiftly advancing. The legal work was concluded in October 2005. The freeholder’s fees were kept to an absolute minimum.
In 2014 we were called by Mr and Mrs. C King who, having completed a recently refurbished apartment in Horsford in April 2012. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Comparable properties in Horsford with an extended lease were valued about £189,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease lapsed in 2078. Having 53 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus costs.
Last month we were called by Mr and Mrs. V Morel , who completed a purpose-built flat in Horsford in January 2005. The dilemma was if we could approximate the price would be for a ninety year lease extension. Identical flats in Horsford with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 billed yearly. The lease terminated on 25 May 2098. Considering the 73 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.