The only way is down when it comes to Totterdown lease terms. Totterdown leaseholds that have a remaining term fewer than 80 years will reduce in value even faster, and the cost to extend your lease will increase.
It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
The conveyancers that we work with undertake Totterdown lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Trailing protracted correspondence with the freeholder of her basement flat in Totterdown, Amelia initiated the lease extension process just as the lease was nearing the all-important 80-year deadline. The transaction was finalised in July 2006. The landlord’s fees were kept to an absolute minimum.
Mr Matthew Rodríguez took over the lease of a first floor flat in Totterdown in August 1996. The question was if we could estimate the price could be to extend the lease by 90 years. Similar properties in Totterdown with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease lapsed on 25 August 2100. Considering the 74 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.
Last Summer we were approach by Mr and Mrs. U Lambert , who completed a ground floor apartment in Totterdown in June 1998. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Comparative premises in Totterdown with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 billed per annum. The lease elapsed on 12 March 2080. Taking into account 54 years outstanding we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.