The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Grantham may extend the lease for a further ninety years under statute. Please give careful consideration before delaying your Grantham lease extension. Postponing the costs now simply escalates the amount you will eventually have to pay to extend the lease.
Leasehold residencies in Grantham with more than one hundred years unexpired on the lease are sometimes 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 purchasing the freehold unless savings on ground rent and maintenance 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Grantham can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in this area.
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 Grantham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas Dylan, started to get near to the eighty-year threshold with the lease on his basement apartment in Grantham. In buying his home twenty years previously, the unexpired term was of minimal interest. by good luck, he became aware that he needed to take steps soon on a lease extension. Dylan was able to extend his lease just in the nick of time last March. Dylan and the landlord ultimately agreed on an amount of £5,000 . If the lease had slid to less than 80 years, the price would have increased by a minimum £1,025.
In 2009 we were phoned by Mr F Bailey who, having completed a one bedroom apartment in Grantham in August 1998. The question was if we could approximate the price would likely be for a 90 year lease extension. Comparative residencies in Grantham with an extended lease were in the region of £168,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease expired in 2080. Given that there were 55 years remaining we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus professional charges.
Dr Mason Moreau took over the lease of a basement apartment in Grantham in August 2000. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Similar flats in Grantham with 100 year plus lease were valued around £235,200. The average amount of ground rent was £45 billed annually. The lease ended on 15 April 2091. Having 66 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.