The only way is down when it comes to Castle Bromwich lease terms. Castle Bromwich properties that have a remaining term lower than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| 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 Castle Bromwich can be a difficult process. We recommend you get 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 a wealth of experience procuring Castle Bromwich 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 discussions with the freeholder of her purpose-built apartment in Castle Bromwich, Olivia commenced the lease extension process as the eighty year mark was fast nearing. The lease extension was finalised in April 2006. The landlord’s fees were restricted to a tad over 550 GBP.
In 2014 we were e-mailed by Mr and Mrs. W Edwards who, having completed a one bedroom flat in Castle Bromwich in October 1999. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Castle Bromwich with a long lease were valued about £290,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease lapsed in 2099. Given that there were 73 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.
In 2014 we were e-mailed by Ms C Rogers who, having completed a one bedroom apartment in Castle Bromwich in September 1998. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Castle Bromwich with an extended lease were in the region of £240,600. The mid-range ground rent payable was £65 invoiced monthly. The lease elapsed in 2088. Given that there were 62 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.