The only way is down when it comes to Colnbrook lease terms. Colnbrook properties that have a lease term lower than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will increase.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
| 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 Colnbrook can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 Colnbrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her ground floor flat in Colnbrook, Imogen commenced the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work was finalised in February 2006. The landlord’s costs were kept to an absolute minimum.
Last Spring we were phoned by Dr A Collins , who moved into a first floor flat in Colnbrook in September 2005. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical properties in Colnbrook with 100 year plus lease were in the region of £265,000. The average ground rent payable was £55 collected every twelve months. The lease ended on 7 March 2099. Taking into account 74 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
Last Winter we were called by Mrs Megan Parker , who purchased a ground floor apartment in Colnbrook in October 2004. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar premises in Colnbrook with 100 year plus lease were valued about £166,400. The mid-range ground rent payable was £60 collected monthly. The lease elapsed in 2079. Taking into account 54 years outstanding we approximated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus costs.