The only way is down when it comes to Whitehaven lease terms. Whitehaven leaseholds that have a remaining term less than than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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. |
| 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 |
| 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. |
Irrespective of whether you are a tenant or a landlord in Whitehaven,the lease extension solicitors 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 Whitehaven valuers.
14 months ago Oliver, came seriously near to the 80-year mark with the lease on his one bedroom apartment in Whitehaven. In buying his home 19 years ago, the unexpired term was of no interest. Luckily, he noticed he needed to take action soon on Extending the lease. Oliver arranged for a lease extension just under the wire last April. Oliver and the landlord ultimately agreed on sum of £5,500 . If he not met the deadline, the sum would have increased by a minimum £975.
Dr Rebecca Brown purchased a garden flat in Whitehaven in September 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in Whitehaven with a long lease were valued around £205,000. The mid-range ground rent payable was £50 invoiced per annum. The lease came to a finish on 1 March 2105. Taking into account 79 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.
Last Summer we were approach by Mr and Mrs. B Wilson , who completed a ground floor flat in Whitehaven in April 2005. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical premises in Whitehaven with an extended lease were worth £275,000. The mid-range ground rent payable was £65 collected monthly. The lease finished on 19 January 2094. Considering the 68 years unexpired we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.