The only way is down when it comes to Finchampstead lease terms. Finchampstead flats that have a residual term less than than eighty years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety 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 |
|---|---|
| Bank of Scotland | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Yorkshire 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. |
Lease extensions in Finchampstead can be a difficult process. We recommend you get guidance from a conveyancer 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 Finchampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the landlord of her first floor apartment in Finchampstead, Robyn initiated the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was concluded in April 2011. The landlord’s charges were kept to an absolute minimum.
Dr Y Lefèvre took over the lease of a first floor flat in Finchampstead in July 2008. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical properties in Finchampstead with an extended lease were valued around £245,000. The average ground rent payable was £50 billed monthly. The lease came to a finish on 28 April 2094. Taking into account 68 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.
Last Winter we were approach by Mr Ibrahim Lambert , who bought a recently refurbished flat in Finchampstead in February 2002. The dilemma was if we could estimate the price could be to prolong the lease by a further 90 years. Similar flats in Finchampstead with an extended lease were worth £285,000. The average ground rent payable was £55 invoiced every twelve months. The lease ran out on 13 July 2105. Given that there were 79 years outstanding we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including professional charges.