Waterhouses leases on residential deteriorating in value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Waterhouses will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not qualify. There are prescribed deadlines and steps to follow once the process has started so it’s sensible to be guided by a lawyer during the process.
Leasehold residencies in Waterhouses with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| 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. |
Lease extensions in Waterhouses can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 procuring Waterhouses lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the landlord of her one bedroom flat in Waterhouses, Lydia commenced the lease extension process as the 80 year deadline was swiftly nearing. The lease extension completed in May 2005. The freeholder’s fees were kept to an absolute minimum.
Last Christmas we were e-mailed by Mr and Mrs. R Howard , who completed a garden flat in Waterhouses in March 2005. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Comparative premises in Waterhouses with an extended lease were in the region of £250,400. The average ground rent payable was £65 billed yearly. The lease lapsed in 2089. Considering the 64 years remaining we approximated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of expenses.
Dr Jason Sánchez completed a studio flat in Waterhouses in June 2002. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Identical properties in Waterhouses with 100 year plus lease were worth £189,000. The mid-range ground rent payable was £55 billed yearly. The lease concluded in 2078. Having 53 years remaining we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including professional charges.