Rowlands Gill leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Rowlands Gill will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are prescribed timetables and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Rowlands Gill with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Rowlands Gill,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 Rowlands Gill valuers.
After unsuccessful negotiations with the freeholder of her garden flat in Rowlands Gill, Naomi started the lease extension process as the eighty year deadline was fast advancing. The lease extension was finalised in June 2014. The landlord’s costs were negotiated to slightly above 450 GBP.
Dr Natasha Stewart completed a ground floor apartment in Rowlands Gill in May 2005. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable flats in Rowlands Gill with a long lease were worth £176,200. The mid-range ground rent payable was £65 billed yearly. The lease ended on 6 October 2082. Considering the 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of expenses.
Last Spring we were called by Mrs V Moore , who moved into a garden flat in Rowlands Gill in January 1998. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Identical properties in Rowlands Gill with a long lease were worth £237,600. The mid-range ground rent payable was £45 billed yearly. The lease came to a finish in 2093. Having 67 years outstanding we approximated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 not including legals.