The closer a residential lease in Whaley Bridge gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than one hundred years to run then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years left 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 primary rational as to why you should consider extending without delay. The majority of flat owners in Whaley Bridge will meet the qualifying criteria; however a conveyancer should be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Whaley Bridge with in excess of one hundred years remaining on the lease are often regarded as a ‘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 upside in purchasing the reversionary interest unless savings on ground rent and service charges merit 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. |
| 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. |
| 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. |
| 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 |
Regardless of whether you are a tenant or a landlord in Whaley Bridge,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whaley Bridge valuers.
Trailing protracted discussions with the landlord of her purpose-built apartment in Whaley Bridge, Niamh started the lease extension process just as the lease was approaching the all-important 80-year mark. The transaction completed in February 2011. The landlord’s charges were restricted to under six hundred pounds.
Dr Y Davies was assigned a lease of a ground floor flat in Whaley Bridge in May 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Identical residencies in Whaley Bridge with a long lease were valued about £285,000. The mid-range ground rent payable was £45 collected every twelve months. The lease came to a finish on 2 April 2097. Taking into account 71 years remaining we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.
Last year we were approach by Mrs Emma Watson , who acquired a basement flat in Whaley Bridge in January 2012. We are asked if we could approximate the premium would be to extend the lease by ninety years. Similar properties in Whaley Bridge with 100 year plus lease were valued about £230,800. The mid-range ground rent payable was £60 billed every twelve months. The lease elapsed on 14 August 2086. Having 60 years as a residual term we approximated the premium to the landlord for the lease extension to be within £24,700 and £28,600 not including expenses.