The value of Brandesburton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately 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 many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Brandesburton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 dealing with Brandesburton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Jason, started to get close to the eighty-year mark with the lease on his two bedroom apartment in Brandesburton. Having bought his home 19 years ago, the length of the lease was of minimal interest. by good luck, he realised he needed to take action soon on a lease extension. Jason extended the lease just under the wire in January. Jason and the landlord who owned the flat above in the end agreed on the final figure of £5,000 . If he had missed the deadline, the premium would have increased by a minimum £1,050.
Mrs V Flores completed a ground floor flat in Brandesburton in October 2002. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable properties in Brandesburton with a long lease were valued around £257,800. The mid-range ground rent payable was £65 billed yearly. The lease lapsed in 2091. Given that there were 65 years outstanding we estimated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of expenses.
Mr K Bailey took over the lease of a first floor apartment in Brandesburton in October 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Similar flats in Brandesburton with an extended lease were worth £191,400. The average amount of ground rent was £55 collected annually. The lease concluded in 2080. Considering the 54 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including fees.