Thirsk leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Thirsk enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Thirsk you would be well advised to investigate if your lease has between 70 and 90 years left. There are good reasons why a Thirsk leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| 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. |
Lease extensions in Thirsk can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Thirsk lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the landlord of her leasehold flat in Thirsk, Alicia commenced the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The transaction completed in February 2015. The landlord’s charges were restricted to less than 450 pounds.
In 2013 we were e-mailed by Mr and Mrs. S Young who, having completed a basement apartment in Thirsk in July 2004. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative premises in Thirsk with an extended lease were worth £242,600. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated on 14 July 2092. Given that there were 67 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 not including fees.
In 2011 we were approached by Mr W James who, having took over the lease of a one bedroom flat in Thirsk in June 2000. The question was if we could approximate the price would be for a 90 year lease extension. Comparable properties in Thirsk with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £55 billed per annum. The lease end date was on 19 May 2103. Considering the 78 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.