The nearer a residential lease in Pyle nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. The majority of flat owners in Pyle will qualify for this right; nevertheless a lawyer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold residencies in Pyle with over one hundred years left 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 reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Pyle can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 Pyle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy discussions with the freeholder of her ground floor apartment in Pyle, Hollie started the lease extension process as the 80 year mark was quickly approaching. The transaction completed in August 2015. The freeholder’s costs were negotiated to under 600 pounds.
Last Christmas we were called by Mr and Mrs. Y François , who moved into a basement flat in Pyle in January 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar properties in Pyle with 100 year plus lease were valued around £255,000. The average ground rent payable was £50 invoiced yearly. The lease concluded in 2096. Given that there were 71 years remaining we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.
In 2010 we were called by Mr Eliot Hill who, having acquired a studio flat in Pyle in July 2002. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparable homes in Pyle with 100 year plus lease were in the region of £254,200. The average amount of ground rent was £60 collected yearly. The lease expired on 27 January 2076. Given that there were 51 years outstanding we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 not including professional charges.