The only way is down when it comes to Coombe Dingle lease terms. Coombe Dingle properties that have a remaining term less than than 80 years will drop in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold premises in Coombe Dingle with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Coombe Dingle can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Coombe Dingle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Riley owned a studio apartment in Coombe Dingle on the market with a lease of fraction over fifty eight years remaining. Riley on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Riley to invoke his statutory right. Riley procured expert advice and was able to make an informed judgement and deal with the matter and sell the flat.
Last Spring we were phoned by Ms Melissa Davis , who was assigned a lease of a one bedroom apartment in Coombe Dingle in May 2010. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Similar premises in Coombe Dingle with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £45 collected monthly. The lease concluded in 2097. Taking into account 71 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.
Mrs Megan David was assigned a lease of a garden flat in Coombe Dingle in March 2005. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative flats in Coombe Dingle with 100 year plus lease were in the region of £225,800. The average amount of ground rent was £60 invoiced quarterly. The lease ran out on 2 October 2086. Considering the 60 years remaining we calculated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 exclusive of costs.