The only way is down when it comes to Haxby lease terms. Haxby properties that have a remaining term less than than 80 years will reduce in value at a rapid rate, and the cost of extending your lease will increase.
Leasehold properties in Haxby with over 100 years remaining on the lease are often referred to as ‘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 freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Haxby,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Haxby valuers.
Last October Ethan, started to get near to the eighty-year threshold with the lease on his ground floor flat in Haxby. In buying his property two decades ago, the lease term was of little interest. Luckily, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Ethan extended the lease just under the wire in August. Ethan and the landlord in the end settled on a premium of £5,000 . If the lease had fallen lower than 80 years, the figure would have become more exhorbitant by at least £875.
Last Christmas we were contacted by Mr Oscar Sharif , who purchased a one bedroom apartment in Haxby in July 2003. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable homes in Haxby with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed every twelve months. The lease lapsed on 5 January 2080. Given that there were 55 years left we calculated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including professional charges.
Last Autumn we were contacted by Dr W Díaz , who purchased a studio flat in Haxby in January 2000. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Haxby with a long lease were worth £300,000. The mid-range ground rent payable was £50 billed annually. The lease ended in 2100. Given that there were 75 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including fees.