The only way is down when it comes to Attleborough lease terms. Attleborough flats that have a remaining term less than than 80 years will drop in market price even faster, and the cost of extending your lease will rise.
It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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. |
Engaging our service will provide you better control over the value of your Attleborough leasehold, as your property will be more valuable and saleable in respect 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.
Owen owned a conversion apartment in Attleborough being sold with a lease of a little over 72 years left. Owen informally contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Owen to invoke his statutory right. Owen obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Mr and Mrs. A Richardson was assigned a lease of a first floor apartment in Attleborough in March 1998. The question was if we could approximate the premium could be for a 90 year extension to my lease. Identical premises in Attleborough with a long lease were valued about £260,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out on 11 April 2098. Having 72 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.
In 2014 we were approached by Dr Alisha David who, having purchased a one bedroom apartment in Attleborough in February 2002. The question was if we could approximate the price would be to extend the lease by a further 90 years. Identical residencies in Attleborough with an extended lease were worth £261,600. The mid-range ground rent payable was £60 billed per annum. The lease lapsed on 17 May 2078. Given that there were 52 years remaining we estimated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 plus expenses.