It’s an underpublicised truth that a Yate residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Yate property market.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining slips below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Yate will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
Leasehold properties in Yate with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Yate can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.
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 Yate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy discussions with the freeholder of her two bedroom flat in Yate, Mia commenced the lease extension process as the eighty year deadline was fast nearing. The legal work was finalised in March 2015. The landlord’s fees were kept to an absolute minimum.
Mrs B Ramírez was assigned a lease of a one bedroom flat in Yate in April 1995. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable premises in Yate with a long lease were worth £240,600. The average ground rent payable was £60 billed every twelve months. The lease came to a finish on 26 July 2088. Given that there were 62 years outstanding we estimated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 plus fees.
Last Christmas we were e-mailed by Dr Arthur Flores , who owned a one bedroom flat in Yate in February 2001. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Similar flats in Yate with 100 year plus lease were valued about £174,200. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed in 2077. Considering the 51 years left we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of costs.