When it comes to residential leasehold property in Linton, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are fewer than eighty years remaining. Leasehold owners in Linton with a lease nearing 81 years left should seriously consider extending it as soon as possible. Once a lease has less than eighty years remaining, under the relevant legislation the freeholder is entitled to calculate and levy a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
| 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 Linton can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Linton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted discussions with the freeholder of her garden flat in Linton, Natalie commenced the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction was finalised in August 2010. The freeholder’s fees were restricted to approximately 550 pounds.
Last Autumn we were phoned by Dr R Roux , who bought a basement apartment in Linton in October 2010. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Comparable properties in Linton with a long lease were in the region of £240,600. The average ground rent payable was £65 invoiced monthly. The lease came to a finish on 1 April 2087. Having 62 years remaining we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus professional charges.
Last Autumn we were e-mailed by Mr G Petit , who acquired a one bedroom apartment in Linton in July 2005. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable premises in Linton with an extended lease were worth £174,200. The average ground rent payable was £55 billed every twelve months. The lease expired on 18 August 2076. Considering the 51 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.