Silverton leases on domestic deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Silverton will mostly qualify for a lease extension; however a solicitor will check your eligibility. In certain cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Silverton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Silverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ali was the the leasehold owner of a high value apartment in Silverton being sold with a lease of a few days over 61 years remaining. Ali informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ali to exercise his statutory right. Ali procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
Dr Jack Ali owned a recently refurbished apartment in Silverton in May 2000. The question was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable properties in Silverton with 100 year plus lease were valued around £198,800. The average ground rent payable was £55 invoiced every twelve months. The lease came to a finish in 2081. Considering the 55 years remaining we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of fees.
Last year we were e-mailed by Dr F Reed , who moved into a newly refurbished flat in Silverton in April 2007. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar properties in Silverton with 100 year plus lease were valued around £295,000. The mid-range amount of ground rent was £50 invoiced annually. The lease elapsed in 2101. Given that there were 75 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.