Aston Clinton residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.
Leasehold properties in Aston Clinton with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Aston Clinton 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 in-depth market knowledge procuring Aston Clinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the freeholder of her two bedroom apartment in Aston Clinton, Mollie started the lease extension process just as the lease was coming close to the critical 80-year threshold. The legal work completed in January 2011. The landlord’s costs were restricted to a tad over 700 GBP.
Dr I Johnson moved into a one bedroom apartment in Aston Clinton in September 1997. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Aston Clinton with 100 year plus lease were in the region of £254,200. The mid-range amount of ground rent was £60 invoiced annually. The lease termination date was on 4 February 2076. Having 51 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 plus legals.
Last October we were approach by Mr and Mrs. W Kelly , who was assigned a lease of a ground floor flat in Aston Clinton in April 2004. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical flats in Aston Clinton with an extended lease were in the region of £210,600. The mid-range ground rent payable was £45 billed per annum. The lease came to a finish in 2087. Given that there were 62 years outstanding we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus costs.