Rawdon and Yeadon leases on domestic deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be payable. Flat owners in Rawdon and Yeadon will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some cases you may not be entitled. There are prescribed deadlines and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
Leasehold premises in Rawdon and Yeadon with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify 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. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
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 prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Rawdon and Yeadon valuers.
Off the back of protracted discussions with the freeholder of her basement flat in Rawdon and Yeadon, Emma initiated the lease extension process just as her lease was nearing the crucial eighty-year threshold. The transaction completed in May 2005. The landlord’s charges were kept to an absolute minimum.
In 2013 we were called by Mr Connor Morgan who, having owned a one bedroom apartment in Rawdon and Yeadon in January 2011. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative residencies in Rawdon and Yeadon with 100 year plus lease were worth £200,000. The average ground rent payable was £50 billed annually. The lease elapsed in 2103. Taking into account 78 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.
Last month we were approach by Ms P Ali , who bought a first floor apartment in Rawdon and Yeadon in January 2001. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Comparative premises in Rawdon and Yeadon with a long lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced per annum. The lease terminated in 2092. Considering the 67 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 not including expenses.