For anyone whose Northwich home is held on a long lease, our message is clear – if nothing is done, the property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.
It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 |
Lease extensions in Northwich can be a difficult process. We recommend you get professional help from a lawyer 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 Northwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the landlord of her leasehold apartment in Northwich, Kayleigh started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work completed in October 2005. The freeholder’s costs were kept to an absolute minimum.
Dr Isabella Díaz acquired a studio flat in Northwich in June 2007. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparable premises in Northwich with an extended lease were in the region of £300,000. The average amount of ground rent was £50 collected quarterly. The lease finished in 2101. Having 76 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.
Dr M Lefèvre moved into a studio flat in Northwich in May 1996. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Similar flats in Northwich with a long lease were valued around £252,800. The average ground rent payable was £65 invoiced yearly. The lease lapsed on 8 November 2090. Taking into account 65 years outstanding we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including professional charges.