As the length of the unexpired term of a St Leonard Shoreditch domestic lease lessens so does its value and therefore the value of your property. If the residual term has, beyond 99 years remaining then this decrease may be negligible however there will become a stage when a lease has less 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 main rational as to why you should consider extending without delay. The majority of flat owners in St Leonard Shoreditch will meet the qualifying criteria; however a lawyer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in St Leonard Shoreditch with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Using our service will provide you enhanced control over the value of your St Leonard Shoreditch leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of lengthy discussions with the landlord of her ground floor apartment in St Leonard Shoreditch, Victoria commenced the lease extension process as the 80 year mark was rapidly coming. The transaction completed in April 2014. The landlord’s costs were negotiated to below 600 pounds.
Dr V Evans purchased a studio flat in St Leonard Shoreditch in January 2007. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical residencies in St Leonard Shoreditch with an extended lease were valued about £183,600. The average ground rent payable was £65 collected quarterly. The lease elapsed in 2082. Having 57 years outstanding we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including expenses.
An example of a Lease Extension decision for a St Leonard Shoreditch premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.