When it comes to residential leasehold premises in Rolleston On Dove, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Leasehold owners in Rolleston On Dove with a lease approaching 81 years left should seriously think of extending it sooner than later. When a lease has under 80 years left, under the current Act the freeholder can calculate and charge a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold residencies in Rolleston On Dove with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Engaging our service will provide you enhanced control over the value of your Rolleston On Dove leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Dylan owned a studio flat in Rolleston On Dove being sold with a lease of just over fifty eight years outstanding. Dylan informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Dylan to invoke his statutory right. Dylan procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Mr and Mrs. D Stewart completed a basement flat in Rolleston On Dove in June 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Rolleston On Dove with an extended lease were valued around £275,000. The mid-range ground rent payable was £55 collected annually. The lease finished on 15 October 2101. Taking into account 76 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.
Dr Imogen Taylor completed a one bedroom apartment in Rolleston On Dove in July 1998. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative residencies in Rolleston On Dove with an extended lease were in the region of £176,200. The mid-range ground rent payable was £65 invoiced quarterly. The lease finished on 25 May 2081. Having 56 years remaining we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 plus costs.