There is no doubt about it a leasehold property in Melton Constable is a wasting asset as a result of the diminishing lease term. Where the lease has, over 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. The majority of flat owners in Melton Constable will qualify for this right; however a lawyer can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Melton Constable with over 100 years remaining 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 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Melton Constable can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in this area.
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 dealing with Melton Constable lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Archie, came critically close to the 80-year mark with the lease on his basement flat in Melton Constable. In buying his property 19 years previously, the lease term was of no bearing. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Archie extended the lease just ahead of time in April. Archie and the freeholder via the managing agents subsequently settled on the final figure of £5,000 . If he not met the deadline, the sum would have become more exhorbitant by a minimum £1,050.
In 2010 we were contacted by Dr H Lewis who, having owned a purpose-built apartment in Melton Constable in May 2003. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Identical properties in Melton Constable with a long lease were valued about £290,000. The mid-range amount of ground rent was £45 billed per annum. The lease elapsed in 2098. Taking into account 73 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.
Last Winter we were approach by Dr Isabella Lambert , who bought a garden apartment in Melton Constable in July 2011. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparative homes in Melton Constable with a long lease were worth £240,600. The average ground rent payable was £60 invoiced quarterly. The lease finished in 2087. Having 62 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 not including fees.