South Petherton and Lambrook leases on domestic properties are gradually losing value. if your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in South Petherton and Lambrook will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
Leasehold properties in South Petherton and Lambrook with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in South Petherton and Lambrook,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with South Petherton and Lambrook valuers.
16 months ago Isaac, came seriously near to the eighty-year mark with the lease on his purpose- built flat in South Petherton and Lambrook. In buying his flat two decades ago, the length of the lease was of minimal relevance. Thankfully, he recognised he would imminently be paying an inflated amount for Extending the lease. Isaac extended the lease just under the wire last July. Isaac and the landlord ultimately agreed on the final figure of £5,000 . If he not met the deadline, the premium would have escalated by at least £1,150.
Last April we were approach by Mr and Mrs. F Evans , who was assigned a lease of a garden flat in South Petherton and Lambrook in July 2011. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar properties in South Petherton and Lambrook with an extended lease were worth £200,000. The average ground rent payable was £50 invoiced quarterly. The lease lapsed on 10 August 2102. Taking into account 77 years remaining we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.
Mr and Mrs. G Ali moved into a purpose-built flat in South Petherton and Lambrook in June 2001. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar homes in South Petherton and Lambrook with a long lease were worth £260,200. The mid-range amount of ground rent was £65 billed monthly. The lease concluded on 18 July 2091. Taking into account 66 years unexpired we approximated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 plus professional charges.