As the the remaining lease term of a Silsoe residential lease diminished so does its value and therefore the value of your property. If the residual term has, more than 99 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than eighty years remaining 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 extend the lease sooner than later. Many flat owners in Silsoe will meet the qualifying criteria; however a conveyancer will be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Silsoe with over one hundred years unexpired 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Lease extensions in Silsoe can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.
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 a wealth of experience dealing with Silsoe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the landlord of her two bedroom apartment in Silsoe, Amber initiated the lease extension process just as the lease was nearing the all-important eighty-year mark. The transaction was finalised in September 2007. The freeholder’s fees were negotiated to less than 500 GBP.
Last Spring we were called by Ms Nicole Petit , who acquired a one bedroom flat in Silsoe in January 2011. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Comparative residencies in Silsoe with an extended lease were worth £267,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease came to a finish on 27 November 2092. Taking into account 67 years unexpired we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 not including professional charges.
In 2010 we were approached by Mr and Mrs. D Rodríguez who, having took over the lease of a newly refurbished apartment in Silsoe in July 2008. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparative properties in Silsoe with an extended lease were in the region of £206,200. The average ground rent payable was £55 invoiced every twelve months. The lease ran out on 27 August 2081. Taking into account 56 years remaining we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus costs.