The only way is down when it comes to Kirkby In Furness lease terms. Kirkby In Furness leaseholds that have a residual term less than than eighty years will drop in value even faster, and the cost of extending your lease will increase.
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Birmingham Midshires | 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. |
| Yorkshire Building Society | 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. |
Irrespective of whether you are a tenant or a freeholder in Kirkby In Furness,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kirkby In Furness valuers.
Last Winter David, started to get close to the eighty-year mark with the lease on his purpose- built flat in Kirkby In Furness. Having bought his flat two decades ago, the length of the lease was of little concern. Fortunately, he realised he needed to take action soon on Extending the lease. David extended the lease just in the nick of time last January. David and the landlord who owned the flat above eventually settled on a premium of £5,500 . If the lease had dipped below eighty years, the premium would have escalated by a minimum £950.
In 2014 we were e-mailed by Mrs Ella Rose who, having completed a purpose-built flat in Kirkby In Furness in September 2005. We are asked if we could estimate the price would be to extend the lease by 90 years. Identical flats in Kirkby In Furness with a long lease were in the region of £265,000. The average ground rent payable was £50 collected every twelve months. The lease concluded in 2099. Having 73 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.
Last Spring we were phoned by Mr and Mrs. V Laurent , who was assigned a lease of a recently refurbished apartment in Kirkby In Furness in October 2010. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Identical properties in Kirkby In Furness with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 invoiced every twelve months. The lease concluded in 2079. Considering the 53 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including costs.