The only way is down when it comes to Appleton lease terms. Appleton properties that have a remaining term shorter than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will rise.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| 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. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Lease extensions in Appleton can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 dealing with Appleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Ethan, came critically close to the 80-year mark with the lease on his ground floor apartment in Appleton. In buying his property twenty years previously, the length of the lease was of little interest. Fortunately, he recognised he needed to take steps soon on a lease extension. Ethan extended the lease just under the wire last March. Ethan and the freeholder eventually settled on an amount of £5,000 . If he failed to meet the deadline, the figure would have become more costly by a minimum £875.
In 2011 we were e-mailed by Mrs Rebecca Vincent who, having moved into a purpose-built apartment in Appleton in September 2001. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative flats in Appleton with a long lease were valued around £280,000. The average amount of ground rent was £45 collected every twelve months. The lease terminated on 20 November 2095. Considering the 70 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.
In 2010 we were approached by Dr Sam Martinez who, having acquired a first floor flat in Appleton in June 2006. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Appleton with a long lease were in the region of £225,800. The average ground rent payable was £60 billed annually. The lease finished in 2085. Taking into account 60 years left we approximated the premium to the freeholder for the lease extension to be within £25,700 and £29,600 plus professional charges.