Radcliffe on Trent leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Radcliffe on Trent residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Radcliffe on Trent you must investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Radcliffe on Trent flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Engaging our service will provide you better control over the value of your Radcliffe on Trent leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted negotiations with the landlord of her ground floor flat in Radcliffe on Trent, Jessica started the lease extension process as the 80 year deadline was fast advancing. The lease extension was finalised in February 2010. The freeholder’s costs were restricted to slightly above six hundred pounds.
Mr and Mrs. V Michel purchased a ground floor flat in Radcliffe on Trent in July 1998. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar residencies in Radcliffe on Trent with a long lease were in the region of £285,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease ran out in 2105. Taking into account 79 years left we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.
In 2014 we were e-mailed by Mr and Mrs. G Murphy who, having was assigned a lease of a garden flat in Radcliffe on Trent in March 2004. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative properties in Radcliffe on Trent with 100 year plus lease were in the region of £193,400. The average ground rent payable was £65 invoiced per annum. The lease lapsed on 18 November 2085. Given that there were 59 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.