Thornton Cleveleys leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Thornton Cleveleys will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before 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. |
Irrespective of whether you are a tenant or a freeholder in Thornton Cleveleys,the lease extension lawyers 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 Thornton Cleveleys valuers.
In recent months Luke, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Thornton Cleveleys. In buying his flat 19 years ago, the length of the lease was of little significance. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Luke extended the lease just ahead of time in March. Luke and the freeholder via the management company subsequently settled on the final figure of £5,000 . If he failed to meet the deadline, the price would have escalated by a minimum £1,050.
In 2012 we were contacted by Dr E Nelson who, having purchased a basement apartment in Thornton Cleveleys in March 1998. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparable residencies in Thornton Cleveleys with a long lease were valued around £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease came to a finish in 2104. Considering the 79 years outstanding we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.
Mrs B Clark completed a one bedroom flat in Thornton Cleveleys in March 1999. The question was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative homes in Thornton Cleveleys with a long lease were valued around £193,400. The mid-range ground rent payable was £65 billed every twelve months. The lease expired in 2084. Given that there were 59 years as a residual term we calculated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including legals.