The closer a residential lease in Storrington gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Most flat owners in Storrington will qualify for this right; however a conveyancer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Storrington with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit 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. |
| 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. |
| 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. |
| 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. |
Retaining our service gives you better control over the value of your Storrington leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted correspondence with the freeholder of her studio apartment in Storrington, Abbie started the lease extension process as the eighty year threshold was swiftly coming. The legal work was concluded in May 2013. The freeholder’s charges were negotiated to less than 600 pounds.
Last Winter we were phoned by Mrs J Gray , who bought a ground floor apartment in Storrington in March 2006. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable flats in Storrington with 100 year plus lease were valued around £267,600. The mid-range amount of ground rent was £65 collected per annum. The lease ran out in 2093. Taking into account 67 years unexpired we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus costs.
Mr and Mrs. H González took over the lease of a ground floor apartment in Storrington in June 2002. The question was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparative homes in Storrington with an extended lease were worth £201,200. The mid-range amount of ground rent was £55 billed every twelve months. The lease terminated on 5 September 2082. Considering the 56 years remaining we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including legals.