With a long leasehold premises in Tickhill, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than eighty years remaining. Anyone in Tickhill with a lease nearing 81 years unexpired should seriously think of extending it sooner than later. Once the lease term has below 80 years outstanding, under the relevant legislation the landlord can calculate and demand a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold residencies in Tickhill with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Birmingham Midshires | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
The lawyers that we work with undertake Tickhill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Following unsuccessful negotiations with the freeholder of her two bedroom flat in Tickhill, Holly initiated the lease extension process as the eighty year threshold was swiftly nearing. The lease extension was finalised in March 2015. The freeholder’s costs were kept to an absolute minimum.
Dr Mason Harris moved into a basement apartment in Tickhill in April 1995. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Tickhill with an extended lease were worth £300,000. The average ground rent payable was £50 billed every twelve months. The lease finished in 2101. Considering the 75 years unexpired we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.
Last year we were e-mailed by Mr and Mrs. V Nguyen , who was assigned a lease of a basement flat in Tickhill in May 2002. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative homes in Tickhill with 100 year plus lease were valued about £250,400. The average amount of ground rent was £65 billed every twelve months. The lease ended on 18 February 2090. Given that there were 64 years as a residual term we estimated the premium to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of legals.