The only way is down when it comes to Ilkley lease terms. Ilkley leaseholds that have a residual term less than than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Ilkley with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start 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. |
Regardless of whether you are a tenant or a freeholder in Ilkley,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ilkley valuers.
Freddie owned a conversion flat in Ilkley being marketed with a lease of fraction over fifty eight years left. Freddie informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the property.
Mr I Martin bought a one bedroom apartment in Ilkley in February 2009. The question was if we could approximate the premium could be for a ninety year lease extension. Comparative flats in Ilkley with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 billed every twelve months. The lease expiry date was in 2104. Considering the 78 years outstanding we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of costs.
In 2010 we were phoned by Ms M Hall who, having owned a first floor apartment in Ilkley in April 2002. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Ilkley with 100 year plus lease were worth £191,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease concluded in 2084. Taking into account 58 years left we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of expenses.