The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Riding Mill may extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Riding Mill lease extension. Putting off that expense now simply increases the premium you will ultimately have to pay for a lease extension.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Riding Mill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 procuring Riding Mill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Muhammad, started to get near to the 80-year mark with the lease on his garden apartment in Riding Mill. Having bought his flat two decades ago, the lease term was of no bearing. Thankfully, he became aware that he needed to take action soon on Extending the lease. Muhammad was able to extend his lease at the eleventh hour in May. Muhammad and the landlord eventually settled on the final figure of £5,000 . If the lease had slipped to less than 80 years, the amount would have become more costly by a minimum £850.
In 2009 we were approached by Mr and Mrs. R Clarke who, having purchased a one bedroom flat in Riding Mill in June 2012. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparable properties in Riding Mill with an extended lease were worth £285,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ran out in 2105. Considering the 79 years as a residual term we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus professional charges.
In 2014 we were e-mailed by Mr Austin Richardson who, having acquired a one bedroom apartment in Riding Mill in August 1997. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Similar residencies in Riding Mill with a long lease were worth £193,400. The mid-range ground rent payable was £65 collected yearly. The lease ran out in 2085. Considering the 59 years unexpired we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of costs.