The only way is down when it comes to Ashton lease terms. Ashton leaseholds that have a residual term lower than 80 years will de-escalate in value even faster, and the cost of extending your lease will go up.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Ashton,the lease extension experts 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 Ashton valuers.
In the wake of eight months of lengthy discussions with the freeholder of her studio flat in Ashton, Ellie commenced the lease extension process just as her lease was approaching the all-important 80-year threshold. The transaction was finalised in April 2005. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. H Anderson took over the lease of a one bedroom flat in Ashton in March 1996. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical residencies in Ashton with an extended lease were valued about £249,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease elapsed in 2076. Having 51 years remaining we estimated the compensation to the landlord to extend the lease to be between £42,800 and £49,400 not including professional charges.
Mr and Mrs. H Alexander acquired a one bedroom flat in Ashton in February 1996. We are asked if we could approximate the price would be to prolong the lease by ninety years. Comparative properties in Ashton with 100 year plus lease were worth £208,200. The mid-range ground rent payable was £65 billed quarterly. The lease elapsed in 2086. Taking into account 61 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 not including legals.