The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Filton have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please think carefully before delaying your Filton lease extension. Putting off that expense now simply increases the premium you will ultimately be required to pay for a lease extension.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Filton,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Filton valuers.
Last year Alexander, started to get near to the 80-year mark with the lease on his garden flat in Filton. Having bought his property 19 years ago, the lease term was of minimal relevance. Fortunately, he noticed he would soon be paying way over the odds for Extending the lease. Alexander extended the lease just in the nick of time last January. Alexander and the freeholder via the managing agents eventually agreed on an amount of £5,500 . If he had missed the deadline, the price would have become more costly by at least £1,075.
Last November we were phoned by Ms Shannon André , who was assigned a lease of a one bedroom apartment in Filton in March 2003. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Filton with an extended lease were worth £275,000. The mid-range ground rent payable was £55 invoiced yearly. The lease finished in 2101. Having 76 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.
In 2014 we were phoned by Mrs Y Peterson who, having took over the lease of a purpose-built apartment in Filton in June 2006. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparable homes in Filton with an extended lease were worth £176,200. The average amount of ground rent was £65 billed yearly. The lease finished on 21 January 2081. Considering the 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 exclusive of costs.