Rawdon and Yeadon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Rawdon and Yeadon residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Rawdon and Yeadon you must check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Rawdon and Yeadon,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Rawdon and Yeadon valuers.
Last October Callum, started to get close to the 80-year threshold with the lease on his first floor apartment in Rawdon and Yeadon. Having bought his flat twenty years previously, the unexpired term was of minimal relevance. Fortunately, he noticed he needed to take steps soon on a lease extension. Callum arranged for a lease extension at the eleventh hour last January. Callum and the freeholder in the end settled on the final figure of £5,000 . If he failed to meet the deadline, the sum would have escalated by at least £1,050.
In 2014 we were e-mailed by Mr Jayden Lee who, having owned a one bedroom apartment in Rawdon and Yeadon in February 1997. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparable flats in Rawdon and Yeadon with an extended lease were worth £250,400. The mid-range amount of ground rent was £65 collected per annum. The lease ran out in 2090. Taking into account 64 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.
In 2013 we were phoned by Mr and Mrs. K González who, having was assigned a lease of a studio apartment in Rawdon and Yeadon in June 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Rawdon and Yeadon with 100 year plus lease were worth £184,000. The mid-range ground rent payable was £55 invoiced yearly. The lease end date was in 2079. Given that there were 53 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of costs.