The only way is down when it comes to Bursledon lease terms. Bursledon leaseholds that have a lease term shorter than eighty years will drop in market price even faster, and the cost to extend your lease will rise.
Leasehold residencies in Bursledon 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| 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. |
| 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 Bursledon can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 dealing with Bursledon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Charlie owned a studio flat in Bursledon on the market with a lease of fraction over fifty eight years remaining. Charlie informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Charlie to invoke his statutory right. Charlie obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.
Last Christmas we were e-mailed by Mr and Mrs. C Parker , who bought a first floor flat in Bursledon in July 1997. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical flats in Bursledon with an extended lease were in the region of £225,800. The average amount of ground rent was £60 collected every twelve months. The lease finished in 2086. Given that there were 60 years remaining we estimated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of costs.
In 2011 we were phoned by Ms Aimee Thompson who, having purchased a purpose-built apartment in Bursledon in August 1995. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in Bursledon with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed yearly. The lease ran out in 2106. Considering the 80 years unexpired we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.