The only way is down when it comes to Cudworth lease terms. Cudworth properties that have a residual term less than than eighty years will de-escalate in value even faster, and the cost to extend your lease will rise.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Cudworth can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 Cudworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the landlord of her two bedroom flat in Cudworth, Yasmin commenced the lease extension process as the eighty year deadline was rapidly approaching. The transaction was finalised in February 2009. The freeholder’s charges were restricted to a tad over four hundred GBP.
In 2009 we were approached by Dr H Bell who, having was assigned a lease of a studio flat in Cudworth in February 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. Comparable residencies in Cudworth with an extended lease were in the region of £200,800. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed in 2085. Considering the 60 years unexpired we calculated the premium to the landlord to extend the lease to be within £20,900 and £24,200 not including legals.
Last Autumn we were phoned by Mr and Mrs. B Moore , who moved into a purpose-built flat in Cudworth in June 2012. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in Cudworth with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish in 2096. Considering the 71 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.