There is no doubt about it a leasehold property in Standish is a wasting asset as a result of the diminishing lease term. If the lease has, more than 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has under 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 primary rational as to why you should consider extending without delay. The majority of flat owners in Standish will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to confirm whether you qualify to extend your lease. 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 Standish 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| 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. |
| 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. |
Regardless of whether you are a tenant or a landlord in Standish,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Standish valuers.
Trailing lengthy negotiations with the landlord of her garden apartment in Standish, Rachael initiated the lease extension process just as her lease was nearing the crucial 80-year threshold. The transaction completed in April 2011. The landlord’s costs were kept to an absolute minimum.
Mrs Katherine Clark moved into a one bedroom flat in Standish in November 1999. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable homes in Standish with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease ended on 18 July 2095. Considering the 69 years outstanding we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
In 2011 we were e-mailed by Mr Seth Martinez who, having completed a first floor apartment in Standish in April 2008. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparable residencies in Standish with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £60 invoiced quarterly. The lease ended on 24 June 2106. Taking into account 80 years outstanding we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.