As the length of the unexpired term of a Yoxall domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years to run then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner rather than later. Many flat owners in Yoxall will meet the qualifying criteria; that being said a conveyancer should be able to confirm if you are eligible 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.
It is conventional wisdom that a residential leasehold with in excess of 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 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Yoxall can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Yoxall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper was the the leasehold owner of a 2 bedroom apartment in Yoxall on the market with a lease of a little over 72 years unexpired. Jasper informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Jasper to exercise his statutory right. Jasper obtained expert advice and secured an acceptable deal informally and ending up with a market value flat.
Last May we were e-mailed by Mrs Bethany Michel , who was assigned a lease of a basement flat in Yoxall in July 1995. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative residencies in Yoxall with 100 year plus lease were valued about £270,000. The average amount of ground rent was £65 collected every twelve months. The lease finished in 2093. Taking into account 68 years outstanding we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.
Last Spring we were phoned by Mr A Johnson , who bought a ground floor flat in Yoxall in March 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Yoxall with 100 year plus lease were valued about £208,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease ended in 2082. Having 57 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of fees.