The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Thornton Cleveleys can extend the lease for a further ninety years in accordance with statute. Please think carefully before delaying your Thornton Cleveleys lease extension. Putting off the costs now simply escalates the premium you will eventually be required to pay to extend the lease.
Leasehold properties in Thornton Cleveleys with over one hundred years outstanding 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service will provide you better control over the value of your Thornton Cleveleys leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy negotiations with the freeholder of her first floor apartment in Thornton Cleveleys, Natasha started the lease extension process just as the lease was coming close to the critical eighty-year threshold. The legal work was concluded in April 2012. The freeholder’s fees were negotiated to a tad over 700 GBP.
Last Summer we were approach by Mr and Mrs. F Cook , who owned a ground floor apartment in Thornton Cleveleys in October 2003. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative residencies in Thornton Cleveleys with 100 year plus lease were valued about £242,600. The mid-range ground rent payable was £45 invoiced per annum. The lease termination date was on 1 January 2092. Given that there were 67 years left we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus legals.
Last Christmas we were phoned by Mrs V Hill , who moved into a studio flat in Thornton Cleveleys in July 2001. We are asked if we could estimate the price would be to prolong the lease by 90 years. Identical residencies in Thornton Cleveleys with an extended lease were valued around £280,000. The average ground rent payable was £55 billed per annum. The lease lapsed on 21 May 2103. Taking into account 78 years left we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus legals.