The nearer a residential lease in Walkington nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over one hundred years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Walkington will qualify for this right; that being said a conveyancing solicitor can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold residencies in Walkington with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Walkington can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 Walkington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth owned a conversion flat in Walkington on the market with a lease of a few days over fifty eight years remaining. Seth informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder 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 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Seth to exercise his statutory right. Seth obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.
Ms Molly Hernández was assigned a lease of a one bedroom flat in Walkington in October 2000. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar homes in Walkington with a long lease were worth £285,000. The average ground rent payable was £45 billed monthly. The lease finished in 2096. Taking into account 71 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.
Last month we were called by Mr and Mrs. D Norbert , who bought a garden flat in Walkington in January 2004. The question was if we could approximate the premium would be for a 90 year lease extension. Comparative premises in Walkington with 100 year plus lease were valued around £225,800. The mid-range ground rent payable was £60 invoiced monthly. The lease finished on 5 August 2085. Taking into account 60 years unexpired we approximated the premium to the landlord to extend the lease to be within £23,800 and £27,400 plus costs.