The only way is down when it comes to Whitchurch lease terms. Whitchurch leaseholds that have a lease term fewer than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold properties in Whitchurch with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Whitchurch,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whitchurch valuers.
During the course of the last few months Stanley, came perilously close to the eighty-year threshold with the lease on his leasehold apartment in Whitchurch. In buying his flat 19 years ago, the lease term was of little concern. As luck would have it, he realised he would soon be paying way over the odds for Extending the lease. Stanley was able to extend his lease just under the wire last September. Stanley and the landlord subsequently agreed on sum of £5,500 . If he had missed the deadline, the price would have escalated by a minimum £1,000.
Last Summer we were phoned by Mr and Mrs. G Bertrand , who bought a studio apartment in Whitchurch in March 1997. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Similar premises in Whitchurch with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 invoiced per annum. The lease lapsed in 2094. Taking into account 69 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.
Last Winter we were called by Dr W Martinez , who acquired a basement flat in Whitchurch in May 1999. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparable premises in Whitchurch with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease ended on 13 April 2105. Given that there were 80 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.