The only way is down when it comes to Didsbury lease terms. Didsbury flats that have a remaining term shorter than 80 years will reduce in value even faster, and the cost to extend your lease will rise.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 Didsbury can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 Didsbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Harry, came perilously close to the 80-year mark with the lease on his leasehold apartment in Didsbury. Having purchased his home two decades ago, the unexpired term was of no relevance. Thankfully, he became aware that he would soon be paying way over the odds for Extending the lease. Harry arranged for a lease extension just under the wire in September. Harry and the landlord eventually settled on sum of £5,500 . If the lease had fallen lower than eighty years, the figure would have escalated by at least £1,125.
Last Spring we were contacted by Mr Ryan Fournier , who moved into a studio flat in Didsbury in September 2011. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Similar flats in Didsbury with an extended lease were valued around £285,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease finished on 11 November 2096. Having 71 years left we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.
Last Spring we were phoned by Dr P Díaz , who completed a newly refurbished flat in Didsbury in July 2010. The question was if we could approximate the premium could be for a ninety year extension to my lease. Similar premises in Didsbury with a long lease were valued about £230,800. The mid-range amount of ground rent was £60 collected yearly. The lease came to a finish in 2085. Considering the 60 years left we approximated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 plus professional charges.