The only way is down when it comes to Whitchurch lease terms. Whitchurch flats that have a residual term shorter than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.
Leasehold properties in Whitchurch with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date 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. |
The lawyers that we work with undertake Whitchurch 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 conveyancing solicitor we work with provide it.
After unsuccessful negotiations with the freeholder of her one bedroom flat in Whitchurch, Tia commenced the lease extension process just as the lease was coming close to the crucial 80-year threshold. The legal work completed in March 2007. The landlord’s charges were restricted to slightly above four hundred GBP.
Last Winter we were contacted by Dr A Collins , who owned a studio apartment in Whitchurch in November 2003. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Identical residencies in Whitchurch with an extended lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease ended on 27 September 2098. Considering the 73 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.
In 2009 we were contacted by Mrs Y Garcia who, having was assigned a lease of a studio flat in Whitchurch in May 2004. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar properties in Whitchurch with 100 year plus lease were worth £264,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease concluded on 8 February 2078. Considering the 53 years remaining we calculated the premium to the landlord for the lease extension to be between £37,100 and £42,800 plus legals.