The only way is down when it comes to Great Wyrley lease terms. Great Wyrley flats that have a remaining term less than than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will rise.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
The lawyers that we work with undertake Great Wyrley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
In recent months Felix, started to get near to the 80-year mark with the lease on his two bedroom flat in Great Wyrley. Having purchased his home twenty years previously, the length of the lease was of no concern. Thankfully, he became aware that he needed to take action soon on Extending the lease. Felix arranged for a lease extension at the eleventh hour in January. Felix and the freeholder via the management company ultimately agreed on the final figure of £5,500 . If the lease had dropped below eighty years, the figure would have become more costly by at least £1,000.
In 2013 we were e-mailed by Dr Alexander Cook who, having purchased a purpose-built apartment in Great Wyrley in April 2006. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar properties in Great Wyrley with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 billed quarterly. The lease expired on 25 April 2086. Given that there were 60 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of legals.
Last year we were contacted by Mr and Mrs. C Flores , who was assigned a lease of a one bedroom flat in Great Wyrley in April 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparable homes in Great Wyrley with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease finished in 2097. Having 71 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.