The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Houghton Regis may extend the lease for a further ninety years in accordance with statute. Please give careful consideration before delaying your Houghton Regis lease extension. Postponing that expense now simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold premises in Houghton Regis with over one hundred years outstanding on the lease are often 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 purchasing the freehold unless savings on ground rent and maintenance charges merit 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Houghton Regis can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience procuring Houghton Regis lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Seth, came precariously near to the eighty-year threshold with the lease on his leasehold apartment in Houghton Regis. Having purchased his property two decades ago, the lease term was of minimal importance. Fortunately, he realised he needed to take steps soon on a lease extension. Seth was able to extend his lease just under the wire last June. Seth and the freeholder ultimately settled on a premium of £5,500 . If he had missed the deadline, the amount would have increased by at least £1,075.
In 2012 we were approached by Mr Muhammad Wright who, having completed a ground floor flat in Houghton Regis in November 1996. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative homes in Houghton Regis with a long lease were in the region of £240,600. The average amount of ground rent was £65 billed annually. The lease came to a finish on 14 August 2088. Having 62 years left we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 plus professional charges.
In 2009 we were e-mailed by Dr N Baker who, having took over the lease of a ground floor apartment in Houghton Regis in June 2010. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Similar homes in Houghton Regis with an extended lease were in the region of £179,200. The average amount of ground rent was £55 billed per annum. The lease ran out in 2077. Taking into account 51 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus costs.