The only way is down when it comes to Leeswood lease terms. Leeswood flats that have a remaining term less than than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.
Leasehold premises in Leeswood with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Leeswood can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 Leeswood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ali owned a 2 bedroom flat in Leeswood on the market with a lease of a few days over fifty eight years unexpired. Ali on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Ali to invoke his statutory right. Ali obtained expert advice and secured an acceptable resolution without going to tribunal and readily saleable.
In 2013 we were e-mailed by Dr B López who, having took over the lease of a ground floor apartment in Leeswood in May 1995. We are asked if we could estimate the price would be for a ninety year lease extension. Comparable properties in Leeswood with a long lease were valued about £200,000. The average amount of ground rent was £50 invoiced per annum. The lease terminated in 2103. Given that there were 77 years unexpired we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.
Last Christmas we were called by Ms Y Baker , who owned a newly refurbished flat in Leeswood in October 2008. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical premises in Leeswood with an extended lease were worth £260,200. The mid-range ground rent payable was £65 invoiced quarterly. The lease elapsed in 2092. Given that there were 66 years outstanding we approximated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus professional charges.