The only way is down when it comes to Ampthill lease terms. Ampthill properties that have a residual term shorter than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.
Leasehold premises in Ampthill with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
Lender | Requirement |
---|---|
Accord Mortgages | 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. |
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. |
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. |
Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Ampthill can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in this area.
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 Ampthill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the freeholder of her studio apartment in Ampthill, Emma initiated the lease extension process just as the lease was approaching the all-important 80-year threshold. The lease extension was finalised in March 2008. The freeholder’s charges were kept to an absolute minimum.
Last year we were e-mailed by Dr L Sharif , who moved into a one bedroom apartment in Ampthill in April 1998. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Identical homes in Ampthill with an extended lease were worth £176,200. The average ground rent payable was £65 collected monthly. The lease ran out in 2080. Considering the 56 years unexpired we estimated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 plus fees.
Last April we were contacted by Dr Edward Wood , who moved into a newly refurbished apartment in Ampthill in October 2010. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable flats in Ampthill with an extended lease were worth £242,600. The average ground rent payable was £45 collected yearly. The lease terminated on 4 November 2091. Given that there were 67 years left we approximated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus expenses.