With a domestic leasehold property in Lymington, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Anyone in Lymington with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under 80 years left, under the current statute the landlord can calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a landlord in Lymington,the lease extension lawyers 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 Lymington valuers.
Last Summer Seth, started to get close to the 80-year mark with the lease on his purpose- built flat in Lymington. In buying his flat two decades ago, the lease term was of no importance. Luckily, he became aware that he needed to take steps soon on Extending the lease. Seth extended the lease just under the wire in April. Seth and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,100.
Dr Stanley Miller purchased a first floor apartment in Lymington in October 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative homes in Lymington with a long lease were worth £181,600. The mid-range amount of ground rent was £55 collected quarterly. The lease came to a finish in 2078. Having 52 years outstanding we approximated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of costs.
Last year we were approach by Dr H Cox , who bought a basement apartment in Lymington in October 1997. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical residencies in Lymington with a long lease were worth £285,000. The mid-range ground rent payable was £45 invoiced per annum. The lease lapsed in 2098. Having 72 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.