As the length of the unexpired term of a Keswick residential lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Keswick will qualify for this right; nevertheless a lawyer will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Keswick with more than 100 years left 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 home. 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 |
|---|---|
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Keswick,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 experience and the close ties they enjoy with Keswick valuers.
Tommy was the the leasehold owner of a studio apartment in Keswick being marketed with a lease of fraction over 61 years remaining. Tommy informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Tommy to invoke his statutory right. Tommy obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.
Dr H Walker bought a newly refurbished flat in Keswick in August 2010. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Comparative properties in Keswick with an extended lease were valued around £193,400. The mid-range ground rent payable was £65 billed monthly. The lease expiry date was on 4 September 2085. Given that there were 59 years outstanding we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus costs.
Last Spring we were contacted by Mrs Isabella Ramírez , who owned a one bedroom flat in Keswick in November 2003. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Identical flats in Keswick with a long lease were valued about £255,000. The average amount of ground rent was £50 billed yearly. The lease ran out in 2096. Given that there were 70 years outstanding we approximated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 not including expenses.