The closer a domestic lease in Peterston Super Ely nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond one hundred years to run then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. Most flat owners in Peterston Super Ely will meet the qualifying criteria; nevertheless a conveyancer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Peterston Super Ely with in excess of 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| 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. |
Lease extensions in Peterston Super Ely can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge dealing with Peterston Super Ely lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the landlord of her studio flat in Peterston Super Ely, Katie started the lease extension process as the eighty year mark was rapidly coming. The transaction was finalised in April 2005. The landlord’s charges were negotiated to slightly above 450 pounds.
Mr Ali Cooper bought a first floor apartment in Peterston Super Ely in April 2000. The question was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative flats in Peterston Super Ely with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 collected every twelve months. The lease elapsed in 2095. Having 69 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.
Mr and Mrs. C Cooper bought a one bedroom apartment in Peterston Super Ely in September 2008. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparable premises in Peterston Super Ely with a long lease were valued about £290,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease termination date was in 2106. Having 80 years remaining we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.