Camberley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Camberley enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Camberley you should see if your lease has between 70 and ninety years remaining. There are good reasons why a Camberley leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay
It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Lease extensions in Camberley can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 Camberley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Kyle, started to get close to the eighty-year mark with the lease on his studio flat in Camberley. Having purchased his property 19 years previously, the length of the lease was of little bearing. Thankfully, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Kyle extended the lease just in the nick of time last June. Kyle and the freeholder ultimately settled on a premium of £5,000 . If he failed to meet the deadline, the amount would have gone up by at least £1,025.
In 2010 we were contacted by Mrs Maisie Moreau who, having bought a newly refurbished flat in Camberley in June 2007. The question was if we could estimate the premium could be to extend the lease by an additional years. Comparable properties in Camberley with a long lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease ended on 23 January 2097. Taking into account 71 years left we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
In 2009 we were called by Mr and Mrs. V Bonnet who, having moved into a purpose-built flat in Camberley in February 1999. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Camberley with a long lease were valued around £254,200. The average amount of ground rent was £60 billed every twelve months. The lease ran out in 2077. Having 51 years unexpired we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus professional charges.