Chances are that if you own a flat in Grantham you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
Lease extensions in Grantham can be a difficult process. We recommend you get guidance 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 Grantham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy discussions with the landlord of her two bedroom apartment in Grantham, Olivia initiated the lease extension process as the 80 year deadline was quickly coming. The lease extension was concluded in February 2011. The landlord’s costs were negotiated to under five hundred pounds.
In 2010 we were e-mailed by Ms Georgia López who, having completed a first floor apartment in Grantham in November 2004. The dilemma was if we could approximate the premium could be to prolong the lease by 90 years. Identical residencies in Grantham with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease expired in 2099. Given that there were 74 years outstanding we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.
Last Summer we were e-mailed by Dr Alfie Lambert , who completed a studio apartment in Grantham in May 2002. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative properties in Grantham with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease terminated on 6 November 2079. Having 54 years remaining we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of fees.