Horsforth leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' on top of 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. Flat owners in Horsforth will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| Halifax | 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you increased control over the value of your Horsforth leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful discussions with the freeholder of her purpose-built apartment in Horsforth, Katie started the lease extension process as the 80 year deadline was fast advancing. The legal work completed in June 2010. The freeholder’s charges were negotiated to a tad over 700 pounds.
Mr Jake Gómez acquired a recently refurbished apartment in Horsforth in May 1995. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical properties in Horsforth with 100 year plus lease were in the region of £200,800. The average amount of ground rent was £65 invoiced annually. The lease expired in 2086. Having 60 years outstanding we approximated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 plus legals.
In 2011 we were e-mailed by Mr I Robinson who, having completed a first floor apartment in Horsforth in October 2009. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical premises in Horsforth with a long lease were valued around £255,000. The average amount of ground rent was £50 invoiced per annum. The lease lapsed on 8 April 2097. Taking into account 71 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.