The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Walton Le Dale may extend the lease for a further 90 years in accordance with statute. Please give careful consideration before delaying your Walton Le Dale lease extension. Shelving the costs now simply increases the amount you will eventually be required to pay for a lease extension.
Leasehold residencies in Walton Le Dale with in excess of one hundred years outstanding on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. 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. |
Irrespective of whether you are a tenant or a freeholder in Walton Le Dale,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Walton Le Dale valuers.
After lengthy correspondence with the landlord of her ground floor apartment in Walton Le Dale, Sian initiated the lease extension process as the eighty year deadline was swiftly nearing. The lease extension was concluded in November 2006. The freeholder’s charges were restricted to about four hundred GBP.
Dr Holly Dupont owned a basement flat in Walton Le Dale in January 2003. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Walton Le Dale with a long lease were worth £225,800. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ran out in 2086. Given that there were 60 years remaining we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 not including fees.
Mr and Mrs. U Hill completed a recently refurbished flat in Walton Le Dale in January 2008. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Walton Le Dale with 100 year plus lease were worth £210,000. The mid-range ground rent payable was £50 collected yearly. The lease end date was in 2106. Having 80 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.