The only way is down when it comes to Washwood Heath lease terms. Washwood Heath flats that have a remaining term lower than 80 years will drop in value even faster, and the cost to extend your lease will rise.
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire 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. |
Retaining our service gives you enhanced control over the value of your Washwood Heath leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the freeholder of her basement apartment in Washwood Heath, Millie commenced the lease extension process as the 80 year mark was rapidly approaching. The legal work completed in March 2014. The landlord’s charges were kept to an absolute minimum.
In 2011 we were called by Dr Y Sánchez who, having purchased a recently refurbished flat in Washwood Heath in April 2005. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable flats in Washwood Heath with a long lease were valued around £257,800. The average amount of ground rent was £65 invoiced per annum. The lease lapsed on 13 April 2090. Given that there were 65 years unexpired we approximated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 not including fees.
Last Autumn we were contacted by Mr and Mrs. J Cooper , who owned a one bedroom flat in Washwood Heath in April 2008. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative homes in Washwood Heath with a long lease were valued about £191,400. The mid-range amount of ground rent was £55 collected yearly. The lease termination date was in 2079. Considering the 54 years left we calculated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 plus costs.