There is no doubt about it a leasehold flat or house in Yelverton is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond one hundred years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Most flat owners in Yelverton will qualify for this right; that being said a conveyancing solicitor can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
Lease extensions in Yelverton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 procuring Yelverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy discussions with the landlord of her purpose-built flat in Yelverton, Imogen started the lease extension process as the 80 year deadline was rapidly nearing. The lease extension was concluded in February 2009. The freeholder’s charges were restricted to slightly above 600 GBP.
Last Summer we were phoned by Mr and Mrs. V Bonnet , who was assigned a lease of a one bedroom apartment in Yelverton in June 1999. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar premises in Yelverton with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 billed every twelve months. The lease concluded in 2086. Given that there were 60 years remaining we estimated the premium to the freeholder for the lease extension to be between £23,800 and £27,400 plus legals.
Last month we were phoned by Dr D Clark , who completed a purpose-built apartment in Yelverton in October 2002. The question was if we could approximate the price would be for a ninety year lease extension. Identical residencies in Yelverton with 100 year plus lease were worth £210,000. The average amount of ground rent was £50 collected every twelve months. The lease terminated on 11 June 2106. Having 80 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.