As the length of the unexpired term of a Kirkby Lonsdale domestic lease diminished so does its value and therefore the value of your property. If the lease has, beyond one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Kirkby Lonsdale will meet the qualifying criteria; however a lawyer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
Lease extensions in Kirkby Lonsdale can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in this area.
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 a wealth of experience procuring Kirkby Lonsdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful negotiations with the landlord of her purpose-built flat in Kirkby Lonsdale, Alicia initiated the lease extension process just as the lease was coming close to the all-important 80-year mark. The lease extension was concluded in November 2014. The landlord’s costs were negotiated to approximately 450 GBP.
Last September we were e-mailed by Dr E Green , who purchased a garden flat in Kirkby Lonsdale in February 2001. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar properties in Kirkby Lonsdale with an extended lease were worth £227,800. The average amount of ground rent was £45 collected yearly. The lease elapsed on 26 July 2091. Taking into account 65 years outstanding we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.
In 2012 we were approached by Ms Shannon Simon who, having owned a first floor apartment in Kirkby Lonsdale in March 2007. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical homes in Kirkby Lonsdale with a long lease were worth £275,000. The mid-range ground rent payable was £55 billed yearly. The lease expired on 20 May 2102. Considering the 76 years remaining we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.