Why you should commence your Milnthorpe lease extension
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Why you should start your Milnthorpe lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/milnthorpe">Milnthorpe</a> property value </h4>
<p> With a long leasehold premises in Milnthorpe, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Residents in Milnthorpe with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under 80 years left, under the relevant Act the freeholder can calculate and demand a greater premium, based on a technical computation, known as “marriage value” which is payable. <h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
<h4>Mortgage lenders may decide not to grant a mortgage on a short lease</h4> Most high street banks are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Milnthorpe were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.
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<tr><th>Lender</th>
<th> Requirement
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<h4> Get in touch with one of our Milnthorpe lease extension solicitors or enfranchisement solicitors
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Lease extensions in Milnthorpe can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.
<p>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 Milnthorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Milnthorpe Lease Extension Example Cases:
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<h5> Robyn, Milnthorpe, Cumbria,</h5>
<p> In the wake of 6 months of unsuccessful correspondence with the freeholder of her purpose-built flat in Milnthorpe, Robyn started the lease extension process as the 80 year deadline was fast advancing. The legal work was finalised in January 2006. The landlord’s charges were kept to an absolute minimum.
<h5>Milnthorpe case:</h5>
<p> Mr and Mrs. P Roberts was assigned a lease of a first floor apartment in Milnthorpe in July 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative flats in Milnthorpe with 100 year plus lease were in the region of £206,200. The mid-range amount of ground rent was £55 collected monthly. The lease ran out on 13 May 2082. Considering the 56 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of legals.
<h5>Milnthorpe case:</h5>
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Last Christmas we were approach by Ms B Michel , who
bought a recently refurbished flat in Milnthorpe in July 2012. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar residencies in Milnthorpe with a long lease were in the region of £300,000. The average amount of ground rent was £50 collected quarterly. The lease lapsed in 2102. Considering the 76 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.
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