The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in North Cornelly may extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please think carefully before delaying your North Cornelly lease extension. Shelving the costs now simply increases the amount you will ultimately have to pay for a lease extension.
Leasehold premises in North Cornelly with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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 North Cornelly can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.
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 North Cornelly lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Owen was the the leasehold proprietor of a studio apartment in North Cornelly being marketed with a lease of fraction over sixty years remaining. Owen on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Owen to invoke his statutory right. Owen obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Last Winter we were contacted by Mr Eliot Khan , who owned a ground floor flat in North Cornelly in June 2010. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparative properties in North Cornelly with 100 year plus lease were valued about £260,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease lapsed on 8 July 2098. Given that there were 72 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.
Last year we were phoned by Dr Omar Petit , who acquired a first floor flat in North Cornelly in November 2008. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in North Cornelly with an extended lease were in the region of £261,600. The average ground rent payable was £60 invoiced yearly. The lease lapsed on 26 March 2078. Having 52 years unexpired we approximated the premium to the landlord to extend the lease to be within £39,000 and £45,000 plus costs.