The only way is down when it comes to Bedlington lease terms. Bedlington properties that have a residual term fewer than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will rise.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
The conveyancers that we work with handle Bedlington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Subsequent to lengthy negotiations with the freeholder of her garden flat in Bedlington, Lily started the lease extension process as the 80 year mark was quickly approaching. The lease extension was concluded in June 2005. The freeholder’s costs were negotiated to below 650 GBP.
Mr R Taylor purchased a garden apartment in Bedlington in September 1997. The question was if we could approximate the price would be to extend the lease by 90 years. Comparative properties in Bedlington with a long lease were worth £242,600. The mid-range amount of ground rent was £45 billed quarterly. The lease termination date was on 25 April 2092. Given that there were 67 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 plus fees.
Dr G Morgan moved into a first floor apartment in Bedlington in June 2000. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable homes in Bedlington with 100 year plus lease were worth £280,000. The average ground rent payable was £55 collected every twelve months. The lease finished on 9 August 2103. Taking into account 78 years unexpired we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.