Middleton St George leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Middleton St George tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Middleton St George you must see if your lease has between 70 and 90 years left. There are good reasons why a Middleton St George leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years in the future.
| 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. |
| 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. |
| 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. |
Lease extensions in Middleton St George can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 in-depth market knowledge procuring Middleton St George lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Harvey, started to get near to the eighty-year threshold with the lease on his studio apartment in Middleton St George. In buying his home 18 years previously, the length of the lease was of minimal bearing. Luckily, he recognised he would soon be paying an escalated premium for Extending the lease. Harvey extended the lease just in the nick of time in April. Harvey and the landlord in the end settled on sum of £5,500 . If he not met the deadline, the amount would have escalated by a minimum £1,100.
Mrs V Jackson completed a one bedroom flat in Middleton St George in February 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Middleton St George with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected per annum. The lease expiry date was on 6 November 2098. Having 72 years outstanding we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
In 2010 we were called by Mr and Mrs. A Gómez who, having moved into a one bedroom flat in Middleton St George in February 1997. We are asked if we could approximate the price would be to extend the lease by an additional years. Identical flats in Middleton St George with an extended lease were valued about £256,600. The average amount of ground rent was £60 billed per annum. The lease elapsed in 2078. Taking into account 52 years outstanding we approximated the compensation to the landlord to extend the lease to be between £41,800 and £48,400 exclusive of professional charges.