As the the remaining lease term of a Lutterworth residential lease lessens so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years left 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 main reason why you should consider extending without delay. The majority of flat owners in Lutterworth will qualify for this right; that being said a conveyancer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Regardless of whether you are a tenant or a landlord in Lutterworth,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 Lutterworth valuers.
In the wake of 6 months of protracted discussions with the freeholder of her ground floor flat in Lutterworth, Ashleigh initiated the lease extension process as the eighty year deadline was rapidly advancing. The transaction completed in March 2005. The landlord’s fees were restricted to under 650 pounds.
Last Winter we were called by Mrs E Nguyen , who was assigned a lease of a garden apartment in Lutterworth in February 2001. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Identical flats in Lutterworth with an extended lease were in the region of £265,000. The average ground rent payable was £50 invoiced quarterly. The lease came to a finish on 2 October 2098. Considering the 73 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.
In 2009 we were e-mailed by Dr C Nelson who, having took over the lease of a one bedroom apartment in Lutterworth in August 1998. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Similar homes in Lutterworth with 100 year plus lease were in the region of £264,000. The mid-range ground rent payable was £60 collected yearly. The lease ended on 8 March 2078. Considering the 53 years left we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 plus expenses.