The only way is down when it comes to Bradley Stoke lease terms. Bradley Stoke flats that have a remaining term lower than 80 years will drop in value even faster, and the cost to extend your lease will go up.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| 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. |
| Bank of Scotland | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Bradley Stoke can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Bradley Stoke lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the landlord of her ground floor apartment in Bradley Stoke, Daisy commenced the lease extension process as the 80 year deadline was rapidly advancing. The lease extension completed in June 2011. The freeholder’s costs were restricted to about 700 GBP.
In 2009 we were phoned by Dr Connor Jones who, having completed a first floor apartment in Bradley Stoke in September 2003. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Similar premises in Bradley Stoke with a long lease were worth £198,800. The mid-range ground rent payable was £55 invoiced monthly. The lease ended in 2081. Taking into account 55 years remaining we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including costs.
In 2009 we were approached by Dr W Edwards who, having took over the lease of a recently refurbished apartment in Bradley Stoke in August 2004. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparable homes in Bradley Stoke with 100 year plus lease were worth £295,000. The average amount of ground rent was £50 invoiced per annum. The lease concluded in 2101. Taking into account 75 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.