The only way is down when it comes to Catterick Garrison lease terms. Catterick Garrison flats that have a lease term fewer than eighty years will reduce in value at a rapid rate, and the cost to extend your lease will increase.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Retaining our service gives you enhanced control over the value of your Catterick Garrison leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
16 months ago Alexander, started to get near to the 80-year threshold with the lease on his garden flat in Catterick Garrison. In buying his property two decades ago, the unexpired term was of no relevance. by good luck, he realised he needed to take action soon on a lease extension. Alexander arranged for a lease extension at the eleventh hour in May. Alexander and the landlord in the end agreed on sum of £5,500 . If he failed to meet the deadline, the price would have gone up by at least £1,050.
In 2014 we were called by Ms P Lefebvre who, having was assigned a lease of a basement flat in Catterick Garrison in September 2003. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Identical residencies in Catterick Garrison with a long lease were worth £193,400. The average ground rent payable was £65 collected yearly. The lease termination date was in 2085. Given that there were 59 years remaining we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including fees.
Last year we were contacted by Mr and Mrs. E Roberts , who was assigned a lease of a garden apartment in Catterick Garrison in September 1998. We are asked if we could approximate the price could be to extend the lease by an additional years. Similar flats in Catterick Garrison with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed on 21 May 2096. Taking into account 70 years remaining we estimated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 exclusive of costs.