The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Finedon may extend the lease for a further ninety years in accordance with legislation. Please think carefully before delaying your Finedon lease extension. Putting off that expense now simply escalates the price you will eventually be required to pay for a lease extension.
Leasehold residencies in Finedon with over one hundred years unexpired on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Finedon,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Finedon valuers.
Dylan was the the leasehold proprietor of a high value flat in Finedon being sold with a lease of fraction over fifty eight years remaining. Dylan informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Dylan to invoke his statutory right. Dylan obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Mrs Maisie Clarke completed a one bedroom flat in Finedon in February 2007. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar properties in Finedon with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 collected quarterly. The lease end date was in 2100. Given that there were 75 years remaining we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.
In 2013 we were contacted by Dr George Hill who, having was assigned a lease of a one bedroom flat in Finedon in February 2004. We are asked if we could estimate the price would be for a 90 year lease extension. Similar residencies in Finedon with a long lease were worth £168,800. The mid-range amount of ground rent was £60 billed per annum. The lease terminated on 12 October 2080. Considering the 55 years left we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus expenses.