The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Morecambe have the legal entitlement to extend the lease for an additional ninety years under statute. Please give careful consideration before delaying your Morecambe lease extension. Shelving the costs now simply increases the price you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Morecambe can be a difficult process. We recommend you secure professional help from a lawyer 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 in-depth market knowledge dealing with Morecambe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the landlord of her first floor apartment in Morecambe, Catherine started the lease extension process as the eighty year deadline was fast advancing. The legal work was finalised in March 2014. The freeholder’s costs were kept to an absolute minimum.
Last month we were contacted by Dr U Peterson , who was assigned a lease of a basement flat in Morecambe in November 1999. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative homes in Morecambe with an extended lease were worth £250,400. The mid-range ground rent payable was £65 invoiced monthly. The lease finished on 16 September 2089. Considering the 64 years remaining we approximated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.
Mr and Mrs. M Sánchez took over the lease of a basement flat in Morecambe in October 2000. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparable residencies in Morecambe with an extended lease were in the region of £189,000. The mid-range amount of ground rent was £55 collected annually. The lease lapsed in 2078. Having 53 years left we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus fees.