Longthorpe leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the current lease dips under 80 years - otherwise a higher amount will be due. Leasehold owners in Longthorpe will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain cases you may not qualify. There are prescribed timetables and steps to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| 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. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Longthorpe,the lease extension experts 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 Longthorpe valuers.
Eli was the the leasehold proprietor of a conversion flat in Longthorpe on the market with a lease of just over fifty eight years remaining. Eli informally spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Eli to invoke his statutory right. Eli obtained expert advice and secured an acceptable resolution informally and readily saleable.
In 2009 we were contacted by Dr M Sánchez who, having purchased a first floor flat in Longthorpe in June 1997. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Longthorpe with 100 year plus lease were worth £295,000. The average ground rent payable was £45 collected monthly. The lease ran out on 23 October 2099. Considering the 74 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.
Mr C Lewis was assigned a lease of a purpose-built flat in Longthorpe in January 2001. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical homes in Longthorpe with 100 year plus lease were in the region of £243,000. The mid-range ground rent payable was £65 billed monthly. The lease ended on 22 April 2088. Given that there were 63 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of professional charges.