The only way is down when it comes to Englefield Green lease terms. Englefield Green leaseholds that have a remaining term fewer than 80 years will drop in value at a rapid rate, and the cost of extending your lease will increase.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a freeholder in Englefield Green,the lease extension solicitors 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 Englefield Green valuers.
Sebastian owned a conversion apartment in Englefield Green on the market with a lease of a few days over fifty eight years unexpired. Sebastian on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Sebastian to invoke his statutory right. Sebastian obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
In 2012 we were called by Mr and Mrs. N Young who, having moved into a garden flat in Englefield Green in October 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Englefield Green with an extended lease were valued around £265,000. The average amount of ground rent was £55 billed monthly. The lease lapsed in 2100. Considering the 74 years unexpired we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
In 2011 we were phoned by Mr I Howard who, having took over the lease of a studio apartment in Englefield Green in April 1998. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar premises in Englefield Green with an extended lease were worth £166,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease elapsed in 2080. Considering the 54 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 not including professional charges.