The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Great Shelford can extend the lease for a further 90 years in accordance with legislation. Do think carefully before delaying your Great Shelford lease extension. Putting off that expense now simply increases the amount you will eventually be required to pay for a lease extension.
Leasehold residencies in Great Shelford with over one hundred years left on the lease are sometimes regarded as a ‘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 estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 Great Shelford can be a difficult process. We recommend you get guidance from a conveyancer 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 procuring Great Shelford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the landlord of her purpose-built apartment in Great Shelford, Samantha initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work was concluded in May 2013. The landlord’s charges were negotiated to under 450 GBP.
Dr M Martin took over the lease of a recently refurbished apartment in Great Shelford in May 1996. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable properties in Great Shelford with an extended lease were in the region of £218,000. The average amount of ground rent was £45 invoiced per annum. The lease concluded on 9 September 2089. Given that there were 63 years outstanding we approximated the premium to the landlord to extend the lease to be within £17,100 and £19,800 plus fees.
In 2013 we were contacted by Ms Kayleigh Baker who, having took over the lease of a one bedroom flat in Great Shelford in January 1999. We are asked if we could approximate the premium could be for a ninety year lease extension. Similar properties in Great Shelford with an extended lease were valued around £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ended in 2100. Given that there were 74 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.