As the the remaining lease term of a Marske and Upleatham domestic lease decreases so does its value and therefore the value of your property. If the residual term has, over one hundred years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years unexpired 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 extend the lease sooner rather than later. The majority of flat owners in Marske and Upleatham will meet the qualifying criteria; that being said a lawyer should be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Marske and Upleatham with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Marske and Upleatham,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Marske and Upleatham valuers.
Last Autumn Elijah, started to get near to the eighty-year threshold with the lease on his purpose- built apartment in Marske and Upleatham. In buying his home two decades ago, the unexpired term was of minimal relevance. Luckily, he recognised he needed to take action soon on Extending the lease. Elijah extended the lease just under the wire last August. Elijah and the landlord who owned the flat above ultimately settled on a premium of £5,000 . If he not met the deadline, the amount would have become more exhorbitant by a minimum £1,025.
Last Autumn we were contacted by Mr Isaac Thomas , who took over the lease of a studio flat in Marske and Upleatham in November 2009. The question was if we could estimate the price would be to prolong the lease by a further 90 years. Similar properties in Marske and Upleatham with an extended lease were valued about £250,400. The mid-range ground rent payable was £65 billed per annum. The lease concluded on 26 June 2090. Considering the 64 years unexpired we estimated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including legals.
Last year we were approach by Dr Zoe Howard , who purchased a one bedroom flat in Marske and Upleatham in September 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Marske and Upleatham with 100 year plus lease were in the region of £189,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease finished in 2079. Given that there were 53 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.