The only way is down when it comes to Kingswood lease terms. Kingswood flats that have a lease term less than than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.
Leasehold residencies in Kingswood with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Kingswood can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 a wealth of experience procuring Kingswood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her purpose-built flat in Kingswood, Jessica started the lease extension process as the 80 year threshold was fast advancing. The legal work completed in June 2014. The landlord’s fees were restricted to about five hundred pounds.
In 2009 we were called by Dr F Green who, having completed a basement apartment in Kingswood in July 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable premises in Kingswood with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £60 billed annually. The lease lapsed on 10 August 2081. Considering the 56 years outstanding we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of legals.
Mrs Phoebe Sánchez completed a one bedroom apartment in Kingswood in November 1999. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Comparable flats in Kingswood with a long lease were worth £300,000. The average amount of ground rent was £50 invoiced per annum. The lease finished in 2101. Taking into account 76 years remaining we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.