As the length of the unexpired term of a Lixwm residential lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner rather than later. Most flat owners in Lixwm will qualify for this right; nevertheless a conveyancer will be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Lixwm with more than 100 years remaining on the lease are often 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 to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service gives you better control over the value of your Lixwm leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of protracted discussions with the landlord of her purpose-built apartment in Lixwm, Phoebe started the lease extension process as the 80 year deadline was swiftly nearing. The legal work was finalised in September 2014. The landlord’s charges were negotiated to about 450 pounds.
Mr and Mrs. H Morris purchased a purpose-built flat in Lixwm in November 1998. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparable residencies in Lixwm with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 collected monthly. The lease came to a finish in 2095. Having 69 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.
Dr U Allen owned a one bedroom flat in Lixwm in April 1995. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative homes in Lixwm with a long lease were worth £285,000. The average amount of ground rent was £55 billed every twelve months. The lease lapsed in 2106. Considering the 80 years remaining we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.