The closer a domestic lease in Leeswood gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than 80 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 consider extending without delay. Most flat owners in Leeswood will qualify for this right; that being said a conveyancer will be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold premises in Leeswood with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Regardless of whether you are a tenant or a landlord in Leeswood,the lease extension solicitors 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 Leeswood valuers.
Trailing unsuccessful correspondence with the landlord of her garden apartment in Leeswood, Victoria started the lease extension process as the 80 year threshold was swiftly coming. The legal work was finalised in April 2010. The landlord’s fees were restricted to under 450 GBP.
In 2014 we were called by Dr G Alexander who, having took over the lease of a one bedroom flat in Leeswood in May 2011. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Comparative residencies in Leeswood with a long lease were in the region of £243,000. The average ground rent payable was £65 billed monthly. The lease ended in 2088. Given that there were 63 years left we calculated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of fees.
Last Winter we were contacted by Mr L Lewis , who bought a garden apartment in Leeswood in November 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical properties in Leeswood with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease concluded in 2077. Having 52 years left we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus professional charges.