The only way is down when it comes to Cross Hands lease terms. Cross Hands leaseholds that have a lease term fewer than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will rise.
It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Cross Hands,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cross Hands valuers.
John owned a studio flat in Cross Hands on the market with a lease of a few days over 72 years remaining. John on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were John to exercise his statutory right. John procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.
Last Spring we were contacted by Mr and Mrs. O Moreau , who was assigned a lease of a purpose-built apartment in Cross Hands in August 2007. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Comparable residencies in Cross Hands with an extended lease were in the region of £210,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease lapsed in 2087. Considering the 62 years unexpired we approximated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 not including fees.
Last Christmas we were e-mailed by Mr Milo Wright , who bought a garden apartment in Cross Hands in October 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Similar premises in Cross Hands with an extended lease were worth £265,000. The average amount of ground rent was £50 invoiced quarterly. The lease termination date was in 2098. Given that there were 73 years left we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.