Irthlingborough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Irthlingborough tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Irthlingborough you really ought to investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Irthlingborough leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Irthlingborough can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.
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 dealing with Irthlingborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted correspondence with the landlord of her garden apartment in Irthlingborough, Shannon commenced the lease extension process as the eighty year mark was rapidly advancing. The transaction was finalised in January 2008. The landlord’s costs were negotiated to under 650 pounds.
Last Winter we were called by Mr and Mrs. A Pérez , who bought a garden flat in Irthlingborough in October 1998. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative flats in Irthlingborough with an extended lease were worth £235,200. The mid-range ground rent payable was £45 billed quarterly. The lease lapsed on 4 October 2091. Taking into account 66 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.
In 2013 we were called by Ms W Alexander who, having was assigned a lease of a basement apartment in Irthlingborough in June 1998. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative flats in Irthlingborough with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended in 2102. Considering the 77 years remaining we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.