The only way is down when it comes to Bungay lease terms. Bungay flats that have a lease term fewer than 80 years will drop in value at a rapid rate, and the cost of extending your lease will go up.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Bungay can be a difficult process. We recommend you obtain 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 a wealth of experience procuring Bungay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted correspondence with the landlord of her two bedroom flat in Bungay, Hannah started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction completed in October 2008. The freeholder’s costs were negotiated to about 650 pounds.
Mr C Phillips moved into a studio apartment in Bungay in May 2012. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparative premises in Bungay with an extended lease were worth £250,400. The mid-range amount of ground rent was £65 billed monthly. The lease elapsed in 2090. Taking into account 64 years outstanding we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of fees.
Ms Ashleigh Phillips bought a one bedroom apartment in Bungay in May 2008. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical homes in Bungay with 100 year plus lease were worth £184,000. The mid-range ground rent payable was £55 billed quarterly. The lease elapsed on 13 October 2079. Having 53 years left we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of fees.