Main reasons to commence your Yelverton lease extension
<div class="lm-topic lm-topic-lender">
<p>
<h3>
Main reasons to commence your Yelverton lease extension today:
</h3>
<h4>
Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/yelverton">Yelverton</a> property value </h4>
<p>
Yelverton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Yelverton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Yelverton you should see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value <h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.
<h4>Mortgage lenders will not issue a mortgage with a short lease</h4> Banks and building societies are tightening their criteria and many now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Yelverton were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.
<p>
<div class="row">
<div class="col-sm-8">
<table class="table table-striped table-condensed">
<thead>
<tr><th>Lender</th>
<th> Requirement
</thead>
<tbody>
<tr>
<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
</tr>
<tr>
<td>Coventry Building Society</td>
<td> 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.
</tr>
<tr>
<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
</tr>
<tr>
<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
</tr>
<tr>
<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
</tr>
</tbody>
</table>
</div>
</div>
<h4> Get in touch with one of our Yelverton lease extension solicitors or enfranchisement solicitors
</h4>
<p> Using our service gives you increased control over the value of your Yelverton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell.
The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Yelverton Lease Extension Case Studies:
</h4>
<h5> Gabriel, Yelverton, Devon</h5>
<p> Half a year ago Gabriel, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Yelverton. Having purchased his property twenty years previously, the length of the lease was of little bearing. Fortunately, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Gabriel was able to extend his lease just under the wire in March. Gabriel and the landlord who owned the flat above in the end agreed on an amount of £6,000 . If he had missed the deadline, the figure would have increased by a minimum £1,150.
<h5>Yelverton case:</h5>
<p>
In 2014 we were contacted by Dr E Torres who, having completed a studio flat in Yelverton in January 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Comparative flats in Yelverton with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease lapsed in 2103. Given that there were 77 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.
<h5>Yelverton case:</h5>
<p> Mr and Mrs. B Stewart took over the lease of a one bedroom apartment in Yelverton in June 2009. The dilemma was if we could estimate the premium would be to prolong the lease by an additional years. Similar flats in Yelverton with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease terminated in 2092. Having 66 years unexpired we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including costs.
</div>