Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Great Stanmore. Clearly, the length of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the property has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Great Stanmore have the legal entitlement to extend the lease for a further ninety years under legislation. Please give due attention before putting off your Great Stanmore lease extension. Holding off that expense now likely increases the price you will ultimately have to pay to extend your lease
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Great Stanmore can be a difficult process. We recommend you secure guidance from a conveyancing solicitor 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 dealing with Great Stanmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Jude, started to get near to the eighty-year mark with the lease on his studio apartment in Great Stanmore. Having bought his home two decades ago, the unexpired term was of minimal concern. by good luck, he became aware that he needed to take action soon on a lease extension. Jude arranged for a lease extension at the eleventh hour in March. Jude and the freeholder via the management company ultimately agreed on an amount of £6,000 . If he failed to meet the deadline, the price would have gone up by a minimum £1,150.
Mr K Young purchased a first floor apartment in Great Stanmore in September 2003. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparable premises in Great Stanmore with a long lease were in the region of £220,400. The average amount of ground rent was £45 collected monthly. The lease termination date was in 2089. Given that there were 64 years left we approximated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 not including fees.
An example of a Lease Extension case for a Great Stanmore property is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The remaining number of years on the lease was 70.25 years.