The closer a domestic lease in Yelverton gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 99 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. The majority of flat owners in Yelverton will meet the qualifying criteria; however a lawyer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Yelverton,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Yelverton valuers.
After unsuccessful discussions with the freeholder of her studio flat in Yelverton, Katie commenced the lease extension process as the eighty year mark was quickly nearing. The legal work completed in March 2006. The landlord’s fees were kept to an absolute minimum.
Last Autumn we were approach by Mr and Mrs. N Ward , who completed a studio flat in Yelverton in October 2008. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Yelverton with 100 year plus lease were valued around £205,000. The average amount of ground rent was £50 collected yearly. The lease expired in 2105. Taking into account 79 years as a residual term we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.
Ms Y Roberts owned a one bedroom flat in Yelverton in June 2004. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical premises in Yelverton with 100 year plus lease were valued around £275,000. The mid-range amount of ground rent was £65 collected annually. The lease ended on 10 May 2094. Taking into account 68 years remaining we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.