The only way is down when it comes to Urmston lease terms. Urmston properties that have a residual term shorter than eighty years will reduce in value even faster, and the cost of extending your lease will rise.
Leasehold residencies in Urmston with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service 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. |
| Godiva Mortgages | 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Urmston,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Urmston valuers.
After lengthy correspondence with the freeholder of her purpose-built flat in Urmston, Emma initiated the lease extension process as the 80 year deadline was fast approaching. The lease extension was concluded in January 2011. The landlord’s charges were negotiated to approximately 550 pounds.
Mr Y Patel acquired a first floor apartment in Urmston in July 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Similar properties in Urmston with 100 year plus lease were in the region of £243,000. The average ground rent payable was £65 invoiced monthly. The lease concluded on 21 February 2088. Considering the 63 years unexpired we calculated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 plus fees.
In 2014 we were phoned by Ms Isabelle Mercier who, having bought a first floor flat in Urmston in November 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Identical residencies in Urmston with an extended lease were valued around £181,600. The average ground rent payable was £55 collected quarterly. The lease ended in 2077. Having 52 years outstanding we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of legals.