Ombersley leases on domestic properties are gradually losing value. Where your lease has about ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be payable. Flat owners in Ombersley will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Retaining our service will provide you better control over the value of your Ombersley leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted discussions with the freeholder of her basement flat in Ombersley, Lauren commenced the lease extension process just as the lease was coming close to the crucial 80-year deadline. The legal work completed in April 2009. The landlord’s charges were restricted to less than 500 pounds.
In 2013 we were approached by Mr and Mrs. I Phillips who, having took over the lease of a ground floor apartment in Ombersley in October 2002. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Similar properties in Ombersley with an extended lease were in the region of £201,200. The average amount of ground rent was £55 invoiced monthly. The lease concluded in 2082. Given that there were 56 years unexpired we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including expenses.
In 2011 we were e-mailed by Dr Freddie Hall who, having completed a garden apartment in Ombersley in May 2002. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparable premises in Ombersley with 100 year plus lease were valued about £300,000. The mid-range ground rent payable was £50 collected monthly. The lease came to a finish on 13 November 2102. Considering the 76 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.