With a domestic leasehold property in West Cross, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years remaining. Leasehold owners in West Cross with a lease drawing near to 81 years unexpired should seriously think of extending it sooner than later. When the lease term has fewer than eighty years left, under the current statute the landlord is entitled to calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is payable.
It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
Lease extensions in West Cross can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with West Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Samuel was the the leasehold proprietor of a studio apartment in West Cross on the market with a lease of a little over fifty eight years outstanding. Samuel informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Samuel to invoke his statutory right. Samuel obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
In 2014 we were contacted by Dr F Jackson who, having was assigned a lease of a one bedroom apartment in West Cross in April 2010. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Comparable homes in West Cross with an extended lease were worth £275,000. The mid-range ground rent payable was £65 invoiced monthly. The lease terminated on 7 August 2093. Taking into account 68 years outstanding we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.
Last Autumn we were contacted by Ms P Cooper , who purchased a one bedroom apartment in West Cross in February 2004. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable residencies in West Cross with an extended lease were worth £208,600. The average amount of ground rent was £60 collected quarterly. The lease came to a finish on 23 October 2082. Given that there were 57 years left we calculated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.