Lytchett Matravers Lease Extension - Free Consultation

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Top reasons for Lytchett Matravers lease extension

Top reasons for lease extension now:

A Lytchett Matravers leasehold property depreciates with the years remaining on the lease.

For anyone whose Lytchett Matravers home is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

Lytchett Matravers property with a lease extension is almost the same value as a freehold

Leasehold properties in Lytchett Matravers with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not lend with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have at least 60 if not 70 years left at the expiry of the mortgage. As a number of flats in Lytchett Matravers were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

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.
Chelsea Building Society 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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.

Get in touch with one of our Lytchett Matravers lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Lytchett Matravers leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lytchett Matravers Lease Extension Case Studies:

Logan, Lytchett Matravers, Dorset,

Logan owned a conversion apartment in Lytchett Matravers on the market with a lease of just over 59 years unexpired. Logan informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Logan to invoke his statutory right. Logan obtained expert advice and secured an acceptable deal informally and readily saleable.

Lytchett Matravers case:

In 2013 we were phoned by Ms C Alexander who, having moved into a studio apartment in Lytchett Matravers in October 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Similar properties in Lytchett Matravers with a long lease were worth £191,000. The mid-range amount of ground rent was £65 billed quarterly. The lease expired on 8 April 2082. Given that there were 58 years outstanding we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus fees.

Lytchett Matravers case:

Mr and Mrs. E Nguyen purchased a one bedroom flat in Lytchett Matravers in August 1997. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative flats in Lytchett Matravers with 100 year plus lease were valued around £250,000. The average amount of ground rent was £50 collected monthly. The lease elapsed on 19 March 2093. Having 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.