The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Norton Woodseats can extend the lease for an additional ninety years in accordance with legislation. Please think carefully before delaying your Norton Woodseats lease extension. Postponing the costs now simply increases the price you will eventually be required to pay for a lease extension.
Leasehold premises in Norton Woodseats with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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 merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Norton Woodseats can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 Norton Woodseats lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the freeholder of her garden flat in Norton Woodseats, Leah initiated the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The lease extension completed in September 2007. The freeholder’s fees were kept to an absolute minimum.
Last Spring we were contacted by Dr Catherine Clark , who completed a first floor apartment in Norton Woodseats in March 2008. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical residencies in Norton Woodseats with 100 year plus lease were valued about £267,600. The mid-range amount of ground rent was £65 collected yearly. The lease came to a finish in 2093. Given that there were 67 years outstanding we approximated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of legals.
In 2014 we were called by Ms S Adams who, having purchased a basement flat in Norton Woodseats in November 2003. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable premises in Norton Woodseats with 100 year plus lease were valued around £206,200. The mid-range ground rent payable was £55 billed quarterly. The lease concluded in 2082. Considering the 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.