Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Townhill. Inevitably, the length of lease remaining shortens as time goes by. This is often ignored and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Townhill have the right to extend the lease for a further 90 years in accordance with statute. You should give due consideration before putting off your Townhill lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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 |
Lease extensions in Townhill can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge dealing with Townhill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the freeholder of her studio flat in Townhill, Natasha commenced the lease extension process just as the lease was nearing the critical 80-year deadline. The legal work was finalised in November 2006. The landlord’s costs were kept to an absolute minimum.
Last Summer we were contacted by Ms F Scott , who took over the lease of a one bedroom apartment in Townhill in February 2009. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical premises in Townhill with a long lease were worth £200,000. The mid-range amount of ground rent was £50 billed yearly. The lease ran out in 2104. Given that there were 78 years unexpired we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.
Last October we were approach by Mr and Mrs. F Wright , who was assigned a lease of a recently refurbished apartment in Townhill in February 1995. We are asked if we could estimate the price would be for a ninety year extension to my lease. Identical premises in Townhill with 100 year plus lease were valued about £267,600. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease elapsed on 13 August 2093. Taking into account 67 years unexpired we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 plus expenses.