The only way is down when it comes to Gloucester lease terms. Gloucester properties that have a remaining term less than than 80 years will de-escalate in value even faster, and the cost to extend your lease will rise.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| 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 |
| 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 Gloucester can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Gloucester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her two bedroom apartment in Gloucester, Elizabeth initiated the lease extension process just as her lease was coming close to the critical eighty-year threshold. The legal work completed in June 2010. The freeholder’s fees were restricted to below four hundred GBP.
Dr Kirsty Michel owned a ground floor apartment in Gloucester in November 2005. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Identical residencies in Gloucester with a long lease were in the region of £275,000. The mid-range ground rent payable was £45 invoiced annually. The lease ran out on 15 February 2095. Having 69 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.
Last Winter we were contacted by Mr and Mrs. U Garcia , who bought a one bedroom flat in Gloucester in October 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Gloucester with an extended lease were valued about £216,000. The mid-range amount of ground rent was £60 billed per annum. The lease lapsed on 21 October 2084. Given that there were 58 years outstanding we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus legals.