Grange Over Sands Lease Extension - Free Consultation

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Why you should start your Grange Over Sands lease extension

Why you should start your Grange Over Sands lease extension today:

Increase your lease and increase your Grange Over Sands property value

Chances are that if you own a flat in Grange Over Sands you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend on a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold homes. Many will simply not lend at all once the residual lease term slips under a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Grange Over Sands home.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start 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.

Why use us for your lease extension in Grange Over Sands?

Irrespective of whether you are a tenant or a landlord in Grange Over Sands,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 experience and the close ties they enjoy with Grange Over Sands valuers.

Grange Over Sands Lease Extension Case Summaries:

Grace, Grange Over Sands, Cumbria,

Off the back of protracted correspondence with the freeholder of her one bedroom flat in Grange Over Sands, Grace commenced the lease extension process as the 80 year threshold was rapidly advancing. The lease extension completed in August 2005. The freeholder’s charges were kept to an absolute minimum.

Grange Over Sands case:

Last month we were approach by Dr J Mitchell , who was assigned a lease of a purpose-built apartment in Grange Over Sands in July 1996. The question was if we could approximate the premium would likely be for a ninety year lease extension. Comparable properties in Grange Over Sands with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease expiry date was on 5 October 2100. Taking into account 75 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.

Grange Over Sands case:

In 2011 we were approached by Mr and Mrs. H Turner who, having took over the lease of a studio flat in Grange Over Sands in April 1997. The dilemma was if we could approximate the price could be for a ninety year lease extension. Identical homes in Grange Over Sands with an extended lease were in the region of £168,800. The mid-range amount of ground rent was £60 collected every twelve months. The lease expired in 2080. Taking into account 55 years as a residual term we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus legals.