The market value of a leasehold property in Martock is impacted by how long the lease has remaining. If it is near to or fewer than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension before purchasing. Ideally one should start the lease extension process when a lease still has 82 years to run so that all matters can be finalised ahead of the 80 year cut off point. Statute entitles Martock qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold residencies in Martock with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Martock can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Martock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy negotiations with the landlord of her basement apartment in Martock, Kelsey commenced the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction was concluded in June 2012. The landlord’s costs were restricted to below four hundred GBP.
Ms T Khan completed a ground floor flat in Martock in November 2002. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparative flats in Martock with a long lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced annually. The lease finished on 10 February 2089. Given that there were 63 years as a residual term we estimated the premium to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of professional charges.
Last Winter we were phoned by Mr Dylan Jackson , who was assigned a lease of a one bedroom apartment in Martock in October 1999. 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. Comparable premises in Martock with an extended lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 6 March 2100. Having 74 years outstanding we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.