The nearer a domestic lease in Lower Earley gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. Many flat owners in Lower Earley will qualify for this right; that being said a conveyancer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold premises in Lower Earley with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service gives you better control over the value of your Lower Earley leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last October Stanley, came precariously near to the eighty-year mark with the lease on his garden flat in Lower Earley. Having bought his home 19 years previously, the unexpired term was of little relevance. Thankfully, he noticed he needed to take action soon on a lease extension. Stanley was able to extend his lease at the eleventh hour in July. Stanley and the landlord who owned the flat above ultimately agreed on an amount of £5,000 . If he failed to meet the deadline, the price would have gone up by at least £925.
Mr and Mrs. A Collins took over the lease of a first floor apartment in Lower Earley in July 2010. The question was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical premises in Lower Earley with a long lease were valued around £248,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease ran out on 12 July 2088. Considering the 63 years remaining we approximated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including costs.
Mrs J López completed a studio apartment in Lower Earley in March 2004. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical flats in Lower Earley with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 billed annually. The lease terminated in 2077. Taking into account 52 years unexpired we calculated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.