As the the remaining lease term of a Northop Hall domestic lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 125 years to run then this decrease may be fractional that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. Many flat owners in Northop Hall will meet the qualifying criteria; that being said a lawyer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property 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. |
| Lloyds TSB Scotland | 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 |
| 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 Northop Hall can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Northop Hall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the landlord of her garden flat in Northop Hall, Gemma started the lease extension process as the 80 year deadline was rapidly coming. The transaction completed in April 2015. The freeholder’s charges were kept to an absolute minimum.
Mrs S Cooper was assigned a lease of a purpose-built apartment in Northop Hall in February 1998. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical residencies in Northop Hall with an extended lease were worth £205,000. The mid-range ground rent payable was £50 collected yearly. The lease terminated on 22 January 2104. Given that there were 79 years left we approximated the compensation to the freeholder for the lease extension to be between £7,600 and £8,800 plus costs.
In 2010 we were contacted by Mr B Williams who, having moved into a one bedroom apartment in Northop Hall in February 1998. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable premises in Northop Hall with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease elapsed on 15 April 2093. Having 68 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.