There is no doubt about it a leasehold property in Stapleton is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond one hundred years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in Stapleton will meet the qualifying criteria; nevertheless a lawyer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Stapleton with in excess of 100 years remaining on the lease are often 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 upside in buying the freehold unless savings on ground rent and estate charges warrant 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. |
| Birmingham Midshires | 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. |
| Royal Bank of Scotland | 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. |
Irrespective of whether you are a tenant or a freeholder in Stapleton,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stapleton valuers.
Following protracted negotiations with the landlord of her studio flat in Stapleton, Aimee commenced the lease extension process as the 80 year deadline was swiftly approaching. The transaction was concluded in November 2013. The freeholder’s costs were kept to an absolute minimum.
Last November we were called by Mr Jake Reed , who was assigned a lease of a ground floor apartment in Stapleton in June 1998. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Identical homes in Stapleton with an extended lease were valued about £205,000. The average amount of ground rent was £50 billed yearly. The lease came to a finish on 4 March 2105. Having 79 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.
Mrs B Edwards completed a studio apartment in Stapleton in March 2012. The question was if we could approximate the premium would likely be to extend the lease by an additional years. Identical residencies in Stapleton with an extended lease were valued about £275,000. The average amount of ground rent was £65 billed every twelve months. The lease elapsed in 2094. Given that there were 68 years unexpired we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.