The only way is down when it comes to Histon lease terms. Histon flats that have a residual term less than than eighty years will reduce in value even faster, and the cost of extending your lease will rise.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Histon can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.
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 dealing with Histon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Luke, came precariously near to the eighty-year mark with the lease on his basement apartment in Histon. Having purchased his flat two decades ago, the unexpired term was of minimal significance. Fortunately, it dawned on him that he needed to take action soon on a lease extension. Luke arranged for a lease extension just under the wire in September. Luke and the landlord ultimately agreed on an amount of £6,000 . If he not met the deadline, the price would have escalated by at least £850.
Dr Hunter Clark owned a first floor apartment in Histon in October 2001. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Identical residencies in Histon with 100 year plus lease were valued around £254,200. The average amount of ground rent was £60 collected quarterly. The lease ended in 2077. Having 51 years outstanding we calculated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 not including professional charges.
Last October we were e-mailed by Dr Megan Jackson , who took over the lease of a one bedroom flat in Histon in May 2002. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Histon with a long lease were valued about £215,600. The mid-range amount of ground rent was £45 billed annually. The lease elapsed on 5 June 2088. Having 62 years outstanding we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of professional charges.