There is no doubt about it a leasehold flat or house in Yateley is a wasting asset as a result of the shortening lease. If the lease has, over one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Yateley will qualify for this right; that being said a conveyancing solicitor will be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Yateley with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Yateley can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Yateley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful negotiations with the landlord of her leasehold apartment in Yateley, Bethany commenced the lease extension process as the eighty year deadline was fast coming. The transaction completed in September 2012. The landlord’s charges were kept to an absolute minimum.
Mr N González owned a purpose-built flat in Yateley in May 2007. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable premises in Yateley with a long lease were worth £218,000. The mid-range amount of ground rent was £45 collected monthly. The lease finished in 2088. Taking into account 63 years left we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 plus fees.
In 2014 we were phoned by Ms I Torres who, having was assigned a lease of a garden flat in Yateley in February 1996. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar premises in Yateley with an extended lease were valued around £265,000. The mid-range amount of ground rent was £55 collected yearly. The lease finished on 17 October 2099. Given that there were 74 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.