The closer a residential lease in Walton Merseyside gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 125 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Walton Merseyside will meet the qualifying criteria; however a lawyer should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| Yorkshire Building Society | 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. |
The conveyancing solicitors that we work with undertake Walton Merseyside lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Trailing lengthy discussions with the landlord of her ground floor flat in Walton Merseyside, Ashleigh initiated the lease extension process just as the lease was nearing the crucial 80-year threshold. The lease extension was concluded in May 2008. The freeholder’s fees were negotiated to a tad over 500 GBP.
Mr and Mrs. D Torres took over the lease of a studio apartment in Walton Merseyside in October 1997. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable homes in Walton Merseyside with 100 year plus lease were valued about £275,000. The mid-range amount of ground rent was £55 billed per annum. The lease termination date was in 2101. Taking into account 76 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.
Mr and Mrs. U Martinez purchased a studio apartment in Walton Merseyside in March 1995. The question was if we could estimate the price would likely be for a 90 year lease extension. Identical homes in Walton Merseyside with a long lease were valued around £176,200. The average amount of ground rent was £65 collected yearly. The lease elapsed on 4 August 2081. Given that there were 56 years outstanding we approximated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 not including professional charges.