The only way is down when it comes to Broughton lease terms. Broughton leaseholds that have a lease term fewer than 80 years will drop in market price even faster, and the cost to extend your lease will rise.
Leasehold residencies in Broughton with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Broughton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 Broughton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted negotiations with the freeholder of her two bedroom flat in Broughton, Ellen initiated the lease extension process as the eighty year mark was swiftly nearing. The legal work was finalised in June 2008. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. A Edwards bought a first floor flat in Broughton in February 2012. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparable flats in Broughton with 100 year plus lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced monthly. The lease expired on 9 November 2077. Considering the 51 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including legals.
Last Christmas we were phoned by Dr G Alexander , who acquired a basement flat in Broughton in February 1998. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical flats in Broughton with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease came to a finish in 2097. Given that there were 71 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.