The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Green Street Green may extend the lease for a further ninety years under legislation. Do think carefully before delaying your Green Street Green lease extension. Postponing that expense now simply escalates the premium you will eventually have to pay to extend the lease.
Leasehold properties in Green Street Green with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
The conveyancers that we work with undertake Green Street Green 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 conveyancing solicitor we work with provide it.
Two years ago Harry, started to get close to the 80-year threshold with the lease on his leasehold apartment in Green Street Green. Having bought his property 18 years ago, the lease term was of little significance. Thankfully, he noticed he needed to take action soon on a lease extension. Harry extended the lease at the eleventh hour in August. Harry and the freeholder via the management company eventually agreed on a premium of £5,500 . If he not met the deadline, the price would have become more costly by a minimum £875.
Ms Gemma Brown bought a basement apartment in Green Street Green in June 1997. We are asked if we could approximate the price would be to extend the lease by an additional years. Identical premises in Green Street Green with an extended lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease lapsed in 2077. Having 52 years left we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.
An example of a Lease Extension case for a Green Street Green property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired residue of the current lease was 50.57 years.