Thorpe Astley leases on residential properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Thorpe Astley will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not be entitled. There are also strict deadlines and steps to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Thorpe Astley with more than one hundred 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 purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Thorpe Astley can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
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 Thorpe Astley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her purpose-built flat in Thorpe Astley, Grace initiated the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was concluded in February 2014. The landlord’s fees were kept to an absolute minimum.
Dr Theo Evans bought a newly refurbished flat in Thorpe Astley in April 2006. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Thorpe Astley with an extended lease were worth £275,000. The mid-range ground rent payable was £55 billed quarterly. The lease concluded on 20 May 2102. Considering the 76 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.
Mr and Mrs. R James was assigned a lease of a one bedroom apartment in Thorpe Astley in July 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Comparable residencies in Thorpe Astley with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 billed quarterly. The lease ran out on 1 November 2082. Taking into account 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of legals.