Main reasons to commence your Walkington lease extension
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Why you should start your Walkington lease extension today: </h3>
<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/walkington">Walkington</a> lease depreciates with the years remaining on the lease.
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<p> It’s an underpublicised certainty that a Walkington residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Walkington property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining slips below 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Walkington will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
<h4>An extended lease has roughly the same value as a freehold</h4>
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Leasehold residencies in Walkington with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 service charges justify it. <h4>Lenders may not issue a mortgage with a short lease</h4> Lenders will not lend on short residential leases. You most probably encounter difficulties if you wish to sell your flat in Walkington if the unexpired lease term is below the criteria set by most lenders. Different mortgage companies have varying criteria but on the whole they are looking for a minimum remaining lease term of seventy years.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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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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<h4>
Why use us for your lease extension in Walkington? </h4>
<p> Irrespective of whether you are a tenant or a landlord in Walkington,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Walkington valuers.
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Walkington Lease Extension Example Cases:
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<h5> Jackson, Walkington, East Yorkshire,</h5>
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Jackson owned a conversion flat in Walkington on the market with a lease of just over 72 years outstanding. Jackson on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jackson to invoke his statutory right. Jackson obtained expert advice and secured satisfactory deal without resorting to tribunal and readily saleable.
<h5>Walkington case:</h5>
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Last Spring we were phoned by Mr and Mrs. K Clarke , who
completed a one bedroom flat in Walkington in April 2003. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar premises in Walkington with 100 year plus lease were worth £206,200. The mid-range ground rent payable was £55 collected yearly. The lease ran out on 4 October 2082. Taking into account 56 years outstanding we approximated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.
<h5>Walkington case:</h5>
<p> Mr and Mrs. V White bought a ground floor apartment in Walkington in March 2007. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Identical residencies in Walkington with an extended lease were valued about £300,000. The mid-range ground rent payable was £50 billed annually. The lease expiry date was in 2102. Taking into account 76 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.
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