Yarmouth leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Yarmouth will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some situations you may not be entitled. There are also strict timetables and steps to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Yarmouth with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
Engaging our service will provide you better control over the value of your Yarmouth leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted correspondence with the landlord of her leasehold apartment in Yarmouth, Lily started the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The legal work was concluded in November 2007. The freeholder’s charges were kept to an absolute minimum.
Ms Bethany Turner acquired a recently refurbished apartment in Yarmouth in September 2005. We are asked if we could estimate the price could be to extend the lease by 90 years. Identical residencies in Yarmouth with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease concluded in 2093. Considering the 67 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including legals.
Dr Kayleigh Richardson completed a ground floor apartment in Yarmouth in May 2003. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable properties in Yarmouth with a long lease were in the region of £206,200. The average ground rent payable was £55 billed yearly. The lease expired in 2082. Given that there were 56 years outstanding we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.