The only way is down when it comes to Fillongley lease terms. Fillongley properties that have a residual term shorter than 80 years will reduce in value even faster, and the cost to extend your lease will rise.
Leasehold properties in Fillongley with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Fillongley,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 Fillongley valuers.
Two years ago Leon, started to get near to the eighty-year threshold with the lease on his purpose- built apartment in Fillongley. In buying his property 19 years ago, the length of the lease was of little significance. Fortunately, he realised he would imminently be paying an inflated amount for a lease extension. Leon extended the lease just ahead of time last April. Leon and the landlord who owned the flat above subsequently settled on the final figure of £5,000 . If the lease had gone lower than eighty years, the sum would have become more exhorbitant by a minimum £875.
In 2012 we were phoned by Mr and Mrs. K Mason who, having purchased a basement flat in Fillongley in May 2011. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Identical premises in Fillongley with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease expiry date was on 11 April 2097. Having 72 years remaining we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.
Mr L Leroy acquired a one bedroom flat in Fillongley in March 1996. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical residencies in Fillongley with an extended lease were worth £233,200. The average ground rent payable was £60 invoiced per annum. The lease lapsed in 2086. Considering the 61 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of fees.