The nearer a residential lease in Rowlands Gill nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than one hundred years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer 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 reason why you should extend the lease sooner as opposed to later. Most flat owners in Rowlands Gill will qualify for this right; that being said a conveyancing solicitor can advise if you are eligible 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.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Rowlands Gill can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in this area.
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 in-depth market knowledge dealing with Rowlands Gill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
George was the the leasehold owner of a studio apartment in Rowlands Gill on the market with a lease of a little over 59 years unexpired. George informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were George to invoke his statutory right. George procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Last Christmas we were contacted by Ms N Simon , who completed a basement flat in Rowlands Gill in May 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparable properties in Rowlands Gill with a long lease were worth £166,400. The mid-range ground rent payable was £60 collected quarterly. The lease ended on 15 March 2079. Considering the 54 years outstanding we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 plus professional charges.
Last Autumn we were called by Dr Holly Rose , who took over the lease of a first floor flat in Rowlands Gill in May 2006. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative properties in Rowlands Gill with a long lease were worth £227,800. The average ground rent payable was £45 invoiced monthly. The lease came to a finish on 25 April 2090. Given that there were 65 years remaining we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of expenses.