The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Appleton can extend the lease for a further ninety years in accordance with legislation. Do give careful consideration before delaying your Appleton lease extension. Shelving the costs today simply escalates the premium you will ultimately have to pay for a lease extension.
Leasehold residencies in Appleton with more than 100 years left 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 property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Appleton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Appleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Daniel, started to get close to the eighty-year threshold with the lease on his basement apartment in Appleton. Having purchased his property two decades ago, the unexpired term was of minimal bearing. As luck would have it, he noticed he needed to take action soon on a lease extension. Daniel arranged for a lease extension at the eleventh hour in July. Daniel and the landlord in the end agreed on the final figure of £5,000 . If he not met the deadline, the figure would have escalated by a minimum £925.
Last year we were e-mailed by Dr Hunter Edwards , who was assigned a lease of a one bedroom flat in Appleton in August 2005. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar residencies in Appleton with a long lease were in the region of £201,200. The mid-range ground rent payable was £55 collected annually. The lease concluded in 2081. Having 56 years outstanding we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus fees.
Last month we were approach by Dr Max Morel , who acquired a purpose-built flat in Appleton in November 2009. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar homes in Appleton with a long lease were worth £300,000. The mid-range amount of ground rent was £50 collected per annum. The lease ran out in 2101. Considering the 76 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.