There is no doubt about it a leasehold flat or house in Thorpe Astley is a wasting asset as a result of the diminishing lease term. If the residual term has, over 99 years to run then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Most flat owners in Thorpe Astley will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold properties in Thorpe Astley with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Thorpe Astley,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Thorpe Astley valuers.
Harvey was the the leasehold proprietor of a high value flat in Thorpe Astley on the market with a lease of just over 59 years outstanding. Harvey on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Harvey to invoke his statutory right. Harvey procured expert advice and secured an acceptable resolution informally and readily saleable.
Mr and Mrs. C Turner took over the lease of a one bedroom flat in Thorpe Astley in May 2000. The question was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative residencies in Thorpe Astley with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 invoiced yearly. The lease came to a finish on 15 July 2096. Considering the 71 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.
In 2012 we were phoned by Mr and Mrs. J James who, having took over the lease of a one bedroom apartment in Thorpe Astley in August 2005. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparative flats in Thorpe Astley with 100 year plus lease were worth £254,200. The mid-range ground rent payable was £60 billed every twelve months. The lease ended on 20 November 2076. Having 51 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of fees.