There is no doubt about it a leasehold flat or house in Lydney is a wasting asset as a result of the shortening lease. Where the lease has, in excess of 99 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under 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 rational as to why you should consider extending sooner rather than later. Many flat owners in Lydney 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 less than two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Lydney can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.
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 dealing with Lydney 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 lengthy correspondence with the freeholder of her garden apartment in Lydney, Naomi commenced the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was concluded in September 2005. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. R García completed a garden flat in Lydney in September 2007. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Lydney with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 collected annually. The lease terminated in 2092. Having 67 years left we approximated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.
In 2014 we were approached by Dr A Lambert who, having took over the lease of a studio flat in Lydney in June 2011. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative homes in Lydney with a long lease were worth £206,200. The mid-range ground rent payable was £55 collected yearly. The lease came to a finish on 6 May 2081. Having 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.