The only way is down when it comes to Horsforth lease terms. Horsforth properties that have a remaining term lower than eighty years will drop in value even faster, and the cost to extend your lease will go up.
Leasehold premises in Horsforth with more than 100 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Horsforth,the lease extension solicitors 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 Horsforth valuers.
Evan owned a studio flat in Horsforth being sold with a lease of a few days over sixty years left. Evan informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be payable on a lease extension were Evan to exercise his statutory right. Evan procured expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.
Mr and Mrs. N Miller took over the lease of a first floor flat in Horsforth in January 1998. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparable homes in Horsforth with 100 year plus lease were in the region of £191,000. The average amount of ground rent was £65 collected per annum. The lease expired on 21 March 2083. Taking into account 58 years left we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 plus expenses.
In 2012 we were contacted by Dr Freya Bertrand who, having was assigned a lease of a one bedroom flat in Horsforth in July 1999. The question was if we could estimate the price would be to extend the lease by an additional years. Comparative flats in Horsforth with a long lease were valued around £250,000. The mid-range ground rent payable was £50 invoiced annually. The lease concluded on 8 June 2094. Given that there were 69 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.