The market value of Burton upon Trent leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 Burton upon Trent can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 Burton upon Trent 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 unsuccessful negotiations with the freeholder of her one bedroom apartment in Burton upon Trent, Katherine started the lease extension process as the 80 year deadline was quickly nearing. The transaction was concluded in March 2015. The landlord’s costs were restricted to under 700 pounds.
Last year we were phoned by Mr Jude Torres , who owned a first floor apartment in Burton upon Trent in October 2008. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Comparable flats in Burton upon Trent with a long lease were worth £205,000. The mid-range amount of ground rent was £50 collected per annum. The lease came to a finish on 26 April 2104. Given that there were 78 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.
Mr and Mrs. G Richardson purchased a one bedroom flat in Burton upon Trent in September 2002. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparative homes in Burton upon Trent with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 collected per annum. The lease ran out on 8 July 2093. Given that there were 67 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 plus costs.