Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Lyme Regis. Clearly, the period of lease left reduces over time. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Lyme Regis have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. You should give due consideration before delaying your Lyme Regis lease extension. Holding off the cost now simply increases the price you will ultimately incur to extend your lease
Leasehold residencies in Lyme Regis with in excess of one hundred years left 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| 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. |
| Birmingham Midshires | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in Lyme Regis can be a difficult process. We recommend you procure professional help from a conveyancer 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 a wealth of experience procuring Lyme Regis lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the landlord of her basement apartment in Lyme Regis, Abbie started the lease extension process as the eighty year deadline was rapidly advancing. The transaction completed in October 2010. The freeholder’s charges were restricted to less than 550 pounds.
Mr and Mrs. F Clark took over the lease of a basement flat in Lyme Regis in January 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Lyme Regis with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 collected yearly. The lease came to a finish in 2095. Given that there were 69 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.
Last Winter we were contacted by Mr and Mrs. V Smith , who owned a first floor flat in Lyme Regis in July 2008. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Comparable homes in Lyme Regis with an extended lease were worth £285,000. The average ground rent payable was £55 collected yearly. The lease ended on 11 June 2106. Given that there were 80 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.