When it comes to residential leasehold premises in Norton Woodseats, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than eighty years left. Anyone in Norton Woodseats with a lease drawing near to 81 years left should seriously consider extending it sooner than later. Once a lease has below eighty years remaining, under the relevant Act the landlord is entitled to calculate and charge a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.
Leasehold premises in Norton Woodseats with over one hundred years unexpired on the lease are sometimes referred to as ‘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 to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Norton Woodseats can be a difficult process. We recommend you obtain professional help from a lawyer 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 dealing with 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.
Last Autumn Sebastian, came perilously close to the eighty-year mark with the lease on his studio apartment in Norton Woodseats. In buying his flat two decades ago, the unexpired term was of little bearing. by good luck, he became aware that he needed to take action soon on Extending the lease. Sebastian was able to extend his lease just under the wire last April. Sebastian and the freeholder via the management company in the end agreed on an amount of £5,000 . If he had missed the deadline, the premium would have increased by at least £1,075.
Last Summer we were called by Mr and Mrs. H Walker , who bought a purpose-built flat in Norton Woodseats in June 2010. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparable residencies in Norton Woodseats with an extended lease were worth £200,000. The average amount of ground rent was £50 billed quarterly. The lease lapsed on 4 November 2102. Having 77 years remaining we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.
In 2013 we were approached by Mrs Victoria Vincent who, having took over the lease of a purpose-built apartment in Norton Woodseats in July 2006. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Similar residencies in Norton Woodseats with an extended lease were valued around £260,200. The average ground rent payable was £65 collected per annum. The lease elapsed on 8 June 2091. Taking into account 66 years outstanding we calculated the compensation to the landlord for the lease extension to be within £16,200 and £18,600 exclusive of legals.