The value of Rise Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than 80 years
Leasehold properties in Rise Park with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| 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 |
| 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 Rise Park can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 Rise Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her leasehold apartment in Rise Park, Emma initiated the lease extension process as the 80 year deadline was quickly coming. The lease extension was concluded in August 2013. The freeholder’s costs were kept to an absolute minimum.
Last year we were phoned by Dr M King , who bought a studio apartment in Rise Park in August 2011. The question was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical residencies in Rise Park with 100 year plus lease were in the region of £223,400. The average ground rent payable was £60 invoiced monthly. The lease lapsed on 18 January 2084. Taking into account 59 years remaining we estimated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 not including costs.
An example of a Lease Extension decision for a Rise Park property is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case was in relation to 1 flat.