The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Didsbury may extend the lease for an additional 90 years in accordance with statute. Do give careful consideration before delaying your Didsbury lease extension. Shelving that expense now simply increases the amount you will ultimately have to pay for a lease extension.
Leasehold residencies in Didsbury with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| 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. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Irrespective of whether you are a tenant or a landlord in Didsbury,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 Didsbury valuers.
Subsequent to protracted correspondence with the landlord of her one bedroom apartment in Didsbury, Jordan initiated the lease extension process as the 80 year deadline was quickly advancing. The lease extension was finalised in November 2014. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. O White purchased a garden apartment in Didsbury in April 2000. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable residencies in Didsbury with 100 year plus lease were valued around £248,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease expired in 2088. Given that there were 63 years outstanding we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 not including expenses.
Dr Dexter Nguyen took over the lease of a first floor flat in Didsbury in July 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Didsbury with a long lease were in the region of £181,600. The average amount of ground rent was £55 invoiced every twelve months. The lease end date was on 19 September 2077. Having 52 years unexpired we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 plus legals.