The closer a residential lease in Sewardstonebury nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than 100 years to run then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner rather than later. The majority of flat owners in Sewardstonebury will qualify for this right; nevertheless a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Sewardstonebury with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Sewardstonebury,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 Sewardstonebury valuers.
In 2014 Ethan, came dangerously near to the eighty-year mark with the lease on his studio flat in Sewardstonebury. Having bought his flat 18 years ago, the unexpired term was of no concern. Luckily, he became aware that he would imminently be paying an inflated amount for Extending the lease. Ethan arranged for a lease extension just in the nick of time in March. Ethan and the landlord eventually settled on the final figure of £6,000 . If he had missed the deadline, the sum would have escalated by a minimum £850.
Mrs A Davis acquired a one bedroom flat in Sewardstonebury in April 2007. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Sewardstonebury with a long lease were in the region of £275,000. The average ground rent payable was £55 invoiced yearly. The lease came to a finish in 2102. Taking into account 76 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.
Last Winter we were phoned by Mr C Rogers , who moved into a basement apartment in Sewardstonebury in November 2005. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative residencies in Sewardstonebury with an extended lease were in the region of £176,200. The average amount of ground rent was £65 invoiced per annum. The lease expired in 2082. Considering the 56 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of expenses.