The closer a domestic lease in Neston gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, beyond 100 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Neston will qualify for this right; nevertheless a conveyancing solicitor should be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Neston can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 Neston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful negotiations with the freeholder of her purpose-built apartment in Neston, Francesca initiated the lease extension process as the 80 year mark was rapidly advancing. The legal work was concluded in September 2014. The landlord’s costs were kept to an absolute minimum.
Ms J Bell acquired a studio flat in Neston in May 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparative homes in Neston with a long lease were in the region of £223,400. The mid-range ground rent payable was £60 invoiced yearly. The lease concluded on 23 March 2084. Taking into account 59 years outstanding we estimated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 plus fees.
Dr Jude Evans completed a studio flat in Neston in April 2000. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Neston with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 collected annually. The lease end date was in 2104. Having 79 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.