The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Duston have the right to extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Duston lease extension. Postponing the costs today simply increases the amount you will ultimately have to pay for a lease extension.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, 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. |
| Godiva Mortgages | 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 be at least 30 years plus the term of the mortgage at the outset 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 |
| 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 Duston can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 dealing with Duston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the freeholder of her purpose-built flat in Duston, Caitlin started the lease extension process as the 80 year deadline was quickly nearing. The legal work was concluded in April 2007. The landlord’s charges were restricted to a tad over 700 pounds.
Last July we were contacted by Mrs Melissa Johnson , who owned a one bedroom flat in Duston in January 2006. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Comparable residencies in Duston with a long lease were valued around £265,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease ended on 18 November 2092. Given that there were 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 plus expenses.
Last Winter we were contacted by Dr Aimee Bennett , who owned a recently refurbished apartment in Duston in October 2000. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Similar premises in Duston with an extended lease were worth £198,800. The mid-range ground rent payable was £55 billed quarterly. The lease lapsed on 14 August 2081. Taking into account 55 years unexpired we calculated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 plus fees.