There is no doubt about it a leasehold property in Ossett is a wasting asset as a result of the shortening lease. If the lease has, more than one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Many flat owners in Ossett will meet the qualifying criteria; however a conveyancer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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 |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Retaining our service gives you enhanced control over the value of your Ossett 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.
Following protracted correspondence with the freeholder of her ground floor flat in Ossett, Charlotte commenced the lease extension process just as the lease was nearing the all-important eighty-year threshold. The transaction was concluded in August 2015. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were e-mailed by Dr B Martin who, having took over the lease of a one bedroom flat in Ossett in January 2002. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Identical premises in Ossett with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 billed every twelve months. The lease elapsed on 21 July 2078. Having 53 years left we estimated the premium to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of professional charges.
In 2012 we were approached by Ms Charlotte Lee who, having completed a studio flat in Ossett in June 2005. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar residencies in Ossett with a long lease were valued around £220,400. The average ground rent payable was £45 invoiced quarterly. The lease lapsed in 2089. Taking into account 64 years unexpired we approximated the premium to the landlord for the lease extension to be within £16,200 and £18,600 plus costs.