The nearer a domestic lease in Rufford nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond one hundred years remaining then this decrease may be negligible that being said there will become a stage when a lease has less than eighty 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 main reason why you should consider extending without delay. The majority of flat owners in Rufford will meet the qualifying criteria; however a lawyer can confirm if you qualify for a lease extension. In certain 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 Rufford with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service will provide you better control over the value of your Rufford leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Hugo owned a high value apartment in Rufford being marketed with a lease of just over fifty eight years unexpired. Hugo informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hugo to invoke his statutory right. Hugo obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.
Last Christmas we were approach by Mr W David , who bought a one bedroom flat in Rufford in June 2010. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable residencies in Rufford with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced annually. The lease came to a finish in 2096. Considering the 70 years unexpired we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.
Dr Harry Girard owned a one bedroom flat in Rufford in September 2010. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Rufford with a long lease were worth £223,400. The average amount of ground rent was £60 billed monthly. The lease elapsed on 16 March 2085. Having 59 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 not including professional charges.