The only way is down when it comes to Drakes Cross lease terms. Drakes Cross flats that have a lease term shorter than 80 years will de-escalate in market price even faster, and the cost of extending your lease will increase.
Leasehold properties in Drakes Cross with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Regardless of whether you are a tenant or a landlord in Drakes Cross,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Drakes Cross valuers.
In the wake of 6 months of unsuccessful discussions with the landlord of her first floor flat in Drakes Cross, Bethan started the lease extension process just as the lease was nearing the crucial eighty-year threshold. The legal work was finalised in February 2012. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were phoned by Mrs D Green who, having completed a first floor flat in Drakes Cross in August 2005. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Comparable residencies in Drakes Cross with a long lease were valued around £191,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expired on 9 November 2084. Having 58 years unexpired we estimated the premium to the landlord for the lease extension to be within £23,800 and £27,400 not including expenses.
In 2013 we were called by Mr and Mrs. F Petit who, having moved into a garden flat in Drakes Cross in August 2008. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative premises in Drakes Cross with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 collected every twelve months. The lease elapsed on 7 October 2095. Taking into account 69 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.