Buckfastleigh and Dean leases on residential properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be due. Flat owners in Buckfastleigh and Dean will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and formalities to follow once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold properties in Buckfastleigh and Dean with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you better control over the value of your Buckfastleigh and Dean leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of protracted correspondence with the freeholder of her one bedroom flat in Buckfastleigh and Dean, Amber commenced the lease extension process as the 80 year threshold was rapidly nearing. The legal work was concluded in May 2006. The freeholder’s charges were negotiated to about 550 pounds.
Last Winter we were called by Dr P Taylor , who completed a garden apartment in Buckfastleigh and Dean in October 2012. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Similar flats in Buckfastleigh and Dean with a long lease were in the region of £270,000. The average ground rent payable was £65 billed per annum. The lease came to a finish in 2094. Considering the 68 years left we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.
Mr and Mrs. Y Watson took over the lease of a recently refurbished apartment in Buckfastleigh and Dean in July 1998. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable premises in Buckfastleigh and Dean with a long lease were in the region of £208,600. The average ground rent payable was £60 invoiced monthly. The lease concluded in 2083. Considering the 57 years as a residual term we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus fees.