The only way is down when it comes to Admaston lease terms. Admaston flats that have a lease term less than than 80 years will reduce in market price even faster, and the cost of extending your lease will increase.
Leasehold premises in Admaston with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 will provide you increased control over the value of your Admaston leasehold, as your property will be more valuable and marketable 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 unsuccessful negotiations with the landlord of her basement apartment in Admaston, Amber initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The transaction completed in January 2005. The landlord’s fees were kept to an absolute minimum.
Last year we were e-mailed by Mr Michael Sánchez , who moved into a one bedroom apartment in Admaston in August 2001. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Identical residencies in Admaston with an extended lease were valued around £227,800. The average amount of ground rent was £45 collected every twelve months. The lease termination date was on 8 October 2091. Taking into account 65 years outstanding we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.
In 2014 we were e-mailed by Mr and Mrs. T Kelly who, having took over the lease of a one bedroom apartment in Admaston in November 1998. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Identical premises in Admaston with a long lease were worth £275,000. The average amount of ground rent was £55 invoiced per annum. The lease elapsed in 2102. Having 76 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.