The nearer a residential lease in Leeswood nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than one hundred years remaining then this decrease may be negligible nevertheless there will become a point in time 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 main rational as to why you should extend the lease sooner than later. Most flat owners in Leeswood will qualify for this right; that being said a conveyancing solicitor should be able to confirm whether you are eligible 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 conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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. |
Lease extensions in Leeswood can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 Leeswood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Isaac owned a studio apartment in Leeswood being sold with a lease of a few days over fifty eight years unexpired. Isaac informally contacted his landlord being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.
Mr and Mrs. S Davis took over the lease of a one bedroom apartment in Leeswood in May 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Similar residencies in Leeswood with 100 year plus lease were in the region of £225,800. The average ground rent payable was £60 invoiced annually. The lease came to a finish on 25 August 2085. Taking into account 60 years left we estimated the premium to the landlord for the lease extension to be between £23,800 and £27,400 plus legals.
In 2011 we were e-mailed by Dr U Nguyen who, having moved into a recently refurbished flat in Leeswood in November 1998. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable residencies in Leeswood with a long lease were worth £210,000. The average amount of ground rent was £50 collected every twelve months. The lease concluded on 11 March 2105. Considering the 80 years as a residual term we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.