Yaxley leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Yaxley will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and formalities to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Yaxley with over 100 years unexpired 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Yaxley,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Yaxley valuers.
Kian was the the leasehold proprietor of a studio apartment in Yaxley being sold with a lease of just over sixty years remaining. Kian on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.
Last November we were approach by Dr Bethany Adams , who completed a one bedroom flat in Yaxley in October 2010. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable residencies in Yaxley with an extended lease were worth £243,000. The average ground rent payable was £65 billed per annum. The lease lapsed on 8 February 2088. Having 63 years as a residual term we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus expenses.
Last month we were approach by Mr and Mrs. O Ward , who was assigned a lease of a first floor flat in Yaxley in January 2004. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable residencies in Yaxley with an extended lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish in 2077. Considering the 52 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus professional charges.