Poulton Le Fylde leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Poulton Le Fylde enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Poulton Le Fylde you must check if your lease has between 70 and ninety years left. There are good reasons why a Poulton Le Fylde leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is actioned without delay
Leasehold residencies in Poulton Le Fylde with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 warrant it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Poulton Le Fylde can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Poulton Le Fylde lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Jamie, came seriously close to the 80-year threshold with the lease on his basement apartment in Poulton Le Fylde. In buying his flat two decades ago, the length of the lease was of no relevance. Fortunately, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Jamie was able to extend his lease at the eleventh hour in June. Jamie and the landlord who owned the flat above in the end settled on an amount of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,025.
In 2011 we were e-mailed by Mr and Mrs. G Morgan who, having acquired a first floor apartment in Poulton Le Fylde in January 2007. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Poulton Le Fylde with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 billed annually. The lease elapsed on 10 September 2092. Considering the 67 years as a residual term we estimated the premium to the landlord for the lease extension to be within £14,300 and £16,400 not including fees.
Mrs Olivia Torres moved into a garden apartment in Poulton Le Fylde in April 2010. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Comparative residencies in Poulton Le Fylde with an extended lease were valued around £206,200. The mid-range amount of ground rent was £60 billed quarterly. The lease came to a finish in 2081. Having 56 years outstanding we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 not including professional charges.