The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Grangetown may extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Grangetown lease extension. Putting off the costs now simply escalates the price you will eventually have to pay for a lease extension.
Leasehold residencies in Grangetown with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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. |
Retaining our service gives you better control over the value of your Grangetown leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy discussions with the landlord of her ground floor apartment in Grangetown, Daisy initiated the lease extension process as the 80 year deadline was swiftly coming. The legal work was concluded in September 2015. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. J André moved into a first floor flat in Grangetown in October 2004. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar premises in Grangetown with 100 year plus lease were valued about £218,400. The average amount of ground rent was £60 collected per annum. The lease ended on 1 August 2084. Taking into account 59 years remaining we approximated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of professional charges.
Last Spring we were called by Ms U Davis , who moved into a one bedroom flat in Grangetown in April 2009. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Identical flats in Grangetown with a long lease were worth £205,000. The mid-range amount of ground rent was £50 billed annually. The lease concluded in 2104. Taking into account 79 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.