The only way is down when it comes to Burwash lease terms. Burwash leaseholds that have a lease term less than than eighty years will drop in value even faster, and the cost to extend your lease will rise.
It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 Burwash can be a difficult process. We recommend you procure professional help from a lawyer 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 in-depth market knowledge procuring Burwash lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Omar, came precariously near to the eighty-year mark with the lease on his basement apartment in Burwash. Having bought his home 19 years ago, the lease term was of no concern. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Omar extended the lease just in the nick of time last June. Omar and the landlord ultimately settled on the final figure of £5,500 . If he not met the deadline, the sum would have become more costly by at least £875.
In 2012 we were contacted by Mr David Bernard who, having bought a recently refurbished flat in Burwash in July 2011. The question was if we could estimate the premium could be for a 90 year extension to my lease. Identical properties in Burwash with 100 year plus lease were valued about £198,800. The mid-range ground rent payable was £55 invoiced annually. The lease elapsed on 7 July 2080. Given that there were 55 years remaining we approximated the premium to the landlord for the lease extension to be within £33,300 and £38,400 plus legals.
In 2012 we were called by Mr and Mrs. M Parker who, having purchased a garden flat in Burwash in February 1997. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparative premises in Burwash with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 collected per annum. The lease expired in 2100. Considering the 75 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.