Shirenewton leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Shirenewton will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some cases you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
Leasehold premises in Shirenewton with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate 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. |
| 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. |
| 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. |
The conveyancing solicitors that we work with undertake Shirenewton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
In recent months Jack, came perilously close to the 80-year threshold with the lease on his leasehold apartment in Shirenewton. Having purchased his flat two decades ago, the lease term was of minimal relevance. by good luck, he realised he would imminently be paying way over the odds for Extending the lease. Jack arranged for a lease extension at the eleventh hour last August. Jack and the freeholder subsequently settled on the final figure of £6,000 . If the lease had dropped lower than eighty years, the premium would have gone up by at least £900.
In 2011 we were phoned by Dr N Gómez who, having bought a studio apartment in Shirenewton in October 1995. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Comparative homes in Shirenewton with a long lease were worth £225,800. The mid-range amount of ground rent was £60 billed monthly. The lease termination date was in 2085. Considering the 60 years as a residual term we approximated the premium to the landlord for the lease extension to be within £23,800 and £27,400 plus expenses.
Mr and Mrs. I Peterson owned a recently refurbished flat in Shirenewton in March 2001. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Identical properties in Shirenewton with 100 year plus lease were in the region of £210,000. The average amount of ground rent was £50 collected every twelve months. The lease expired in 2105. Given that there were 80 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.