The only way is down when it comes to Cookham lease terms. Cookham properties that have a residual term fewer than eighty years will de-escalate in market price even faster, and the cost to extend your lease will increase.
Leasehold residencies in Cookham with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| 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. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Cookham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Cookham valuers.
Following unsuccessful discussions with the freeholder of her first floor flat in Cookham, Lucy commenced the lease extension process just as the lease was approaching the all-important 80-year mark. The transaction completed in July 2013. The freeholder’s fees were negotiated to below 600 pounds.
Last Winter we were called by Ms Isabella Thompson , who took over the lease of a garden apartment in Cookham in January 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable properties in Cookham with a long lease were valued about £225,800. The average ground rent payable was £60 collected monthly. The lease expired on 17 June 2085. Taking into account 60 years outstanding we approximated the premium to the freeholder for the lease extension to be between £23,800 and £27,400 not including legals.
Last Christmas we were called by Mr Seth Allen , who completed a ground floor flat in Cookham in March 2008. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable residencies in Cookham with 100 year plus lease were valued around £210,000. The average ground rent payable was £50 billed every twelve months. The lease expiry date was on 12 November 2105. Having 80 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.