The only way is down when it comes to Headingley lease terms. Headingley leaseholds that have a remaining term fewer than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.
Leasehold properties in Headingley with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Headingley can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.
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 Headingley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Nathaniel, started to get near to the 80-year mark with the lease on his two bedroom flat in Headingley. Having purchased his home two decades ago, the lease term was of minimal significance. Luckily, he noticed he needed to take action soon on a lease extension. Nathaniel extended the lease at the eleventh hour in July. Nathaniel and the freeholder via the management company eventually settled on sum of £5,000 . If he failed to meet the deadline, the amount would have gone up by at least £875.
Mr and Mrs. O Moreau owned a newly refurbished apartment in Headingley in October 2008. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable premises in Headingley with 100 year plus lease were worth £275,000. The average amount of ground rent was £45 collected annually. The lease expired on 4 January 2095. Taking into account 69 years unexpired we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including fees.
Last year we were approach by Dr S García , who took over the lease of a ground floor flat in Headingley in September 2003. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical premises in Headingley with an extended lease were in the region of £216,000. The average amount of ground rent was £60 invoiced every twelve months. The lease finished on 20 September 2084. Given that there were 58 years remaining we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including fees.