Main reasons to start your Tiverton lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/tiverton">Tiverton</a> lease depreciates with the years remaining on the lease.
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<p> On the balance of probabilities where you own a flat in Tiverton you actually own a long leasehold interest over your property
<h4>Tiverton property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.
<h4>Mortgage lenders will not lend on a short lease</h4> The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic as and when you come to sell or refinance your property as it will be effectively unmortgageable. You may have no immediate intention to sell but when you do your buyer must wait two years before they can start the legal procedures for an extension to the lease.
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<tr><th>Lender</th>
<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 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.
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What makes us experts in Tiverton lease extensions?
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Lease extensions in Tiverton can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
<p>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 Tiverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Tiverton Lease Extension Case Summaries:
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<h5> Logan, Tiverton, Devon</h5>
<p> Half a year ago Logan, came dangerously near to the 80-year mark with the lease on his leasehold flat in Tiverton. In buying his flat two decades ago, the unexpired term was of no interest. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Logan extended the lease just under the wire last January. Logan and the landlord who owned the flat above eventually agreed on the final figure of £6,000 . If he failed to meet the deadline, the premium would have gone up by at least £1,150.
<h5>Tiverton case:</h5>
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Last Autumn we were approach by Mr A James , who
took over the lease of a one bedroom apartment in Tiverton in September 2003. The dilemma was if we could estimate the premium could be to extend the lease by 90 years. Comparative residencies in Tiverton with an extended lease were in the region of £275,000. The average ground rent payable was £45 invoiced quarterly. The lease concluded on 27 November 2095. Given that there were 69 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.
<h5>Tiverton case:</h5>
<p> Mrs Paige Carter was assigned a lease of a one bedroom flat in Tiverton in July 2000. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar residencies in Tiverton with an extended lease were worth £216,000. The mid-range ground rent payable was £60 invoiced yearly. The lease termination date was on 12 April 2084. Considering the 58 years left we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus fees.
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