As the length of the unexpired term of a Rhoose residential lease diminished so does its value and therefore the value of your property. Where the lease has, in excess of 99 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner rather than later. Most flat owners in Rhoose will qualify for this right; that being said a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Rhoose with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| 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 |
| Yorkshire 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. |
Regardless of whether you are a tenant or a freeholder in Rhoose,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Rhoose valuers.
Noah was the the leasehold owner of a conversion flat in Rhoose on the market with a lease of fraction over sixty years unexpired. Noah on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Noah to invoke his statutory right. Noah procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Last Spring we were phoned by Dr G Bailey , who owned a newly refurbished flat in Rhoose in October 1998. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar premises in Rhoose with 100 year plus lease were worth £181,600. The mid-range ground rent payable was £55 collected annually. The lease lapsed on 3 February 2078. Given that there were 52 years outstanding we approximated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.
Mr and Mrs. J Nelson completed a garden apartment in Rhoose in March 2006. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative flats in Rhoose with an extended lease were in the region of £285,000. The average amount of ground rent was £45 billed per annum. The lease came to a finish in 2098. Considering the 72 years unexpired we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.