Why you should start your Ince in Makerfield lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/ince-in-makerfield">Ince in Makerfield</a> lease depreciates with the years remaining on the lease.
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Ince in Makerfield residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.
<h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold properties in Ince in Makerfield with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it. <h4>Mortgage lenders may not finance a property on a short lease</h4> Banks and building societies vary in their lending criteria. Some set the bar at 75 years outstanding on the lease; others may be willing to lend with anything over seventy years. Below sixty years, it may be difficult to get a mortgage in the first place.
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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>Godiva Mortgages</td>
<td> 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.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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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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<h4> Get in touch with one of our Ince in Makerfield lease extension solicitors or enfranchisement solicitors
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<p> Engaging our service gives you increased control over the value of your Ince in Makerfield leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell.
The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Ince in Makerfield Lease Extension Case Summaries:
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<h5> George, Ince in Makerfield, Greater Manchester</h5>
<p> During the course of the last few months George, came critically near to the eighty-year threshold with the lease on his garden apartment in Ince in Makerfield. In buying his home 18 years previously, the lease term was of minimal significance. by good luck, he realised he needed to take steps soon on a lease extension. George arranged for a lease extension just ahead of time last September. George and the freeholder eventually settled on an amount of £5,500 . If he failed to meet the deadline, the sum would have increased by a minimum £1,125.
<h5>Ince in Makerfield case:</h5>
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Last Winter we were approach by Dr Y Vincent , who
purchased a basement apartment in Ince in Makerfield in March 2006. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Identical properties in Ince in Makerfield with 100 year plus lease were valued around £184,000. The mid-range amount of ground rent was £55 collected per annum. The lease expired in 2079. Considering the 53 years outstanding we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including costs.
<h5>Ince in Makerfield case:</h5>
<p> Dr L Cox completed a first floor apartment in Ince in Makerfield in July 2009. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Comparative flats in Ince in Makerfield with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease finished in 2099. Considering the 73 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.
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