Northam leases on residential deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls below eighty years - otherwise a higher amount will be payable. Leasehold owners in Northam will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain cases you may not qualify. There are also strict deadlines and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent 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 |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Northam can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 Northam lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Logan was the the leasehold owner of a 2 bedroom flat in Northam being marketed with a lease of fraction over fifty eight years left. Logan on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Logan to invoke his statutory right. Logan obtained expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were contacted by Dr Shannon Roberts , who acquired a garden apartment in Northam in February 1999. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative flats in Northam with 100 year plus lease were worth £265,000. The average ground rent payable was £55 billed quarterly. The lease lapsed in 2100. Considering the 74 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.
Mr and Mrs. H Sharif was assigned a lease of a newly refurbished flat in Northam in November 1997. The question was if we could estimate the price would likely be to extend the lease by ninety years. Identical homes in Northam with 100 year plus lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease termination date was on 20 October 2080. Considering the 54 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 plus fees.