The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Freshwater Bay have the legal entitlement to extend the lease for an additional ninety years under statute. Do give careful consideration before delaying your Freshwater Bay lease extension. Putting off the costs today simply escalates the price you will ultimately be required to pay to extend the lease.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Freshwater Bay can be a difficult process. We recommend you get professional help 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 in-depth market knowledge procuring Freshwater Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of unsuccessful discussions with the freeholder of her two bedroom apartment in Freshwater Bay, Katie initiated the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was finalised in May 2014. The landlord’s charges were kept to an absolute minimum.
Mr and Mrs. G Hall owned a first floor flat in Freshwater Bay in March 2009. The question was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparative homes in Freshwater Bay with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ended in 2093. Having 67 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 plus professional charges.
Dr Isaac Vincent was assigned a lease of a ground floor apartment in Freshwater Bay in April 2006. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Comparative flats in Freshwater Bay with an extended lease were worth £206,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease lapsed on 27 May 2082. Taking into account 56 years left we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of legals.