The only way is down when it comes to Little Oakley lease terms. Little Oakley properties that have a residual term fewer than eighty years will drop in value even faster, and the cost of extending your lease will increase.
Leasehold properties in Little Oakley with more than one hundred years outstanding on the lease are often regarded as a ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Little Oakley can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.
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 dealing with Little Oakley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted negotiations with the landlord of her basement flat in Little Oakley, Abbie initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction completed in February 2008. The landlord’s charges were kept to an absolute minimum.
In 2013 we were e-mailed by Dr Tyler Mitchell who, having acquired a one bedroom apartment in Little Oakley in October 2012. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Identical residencies in Little Oakley with 100 year plus lease were valued about £275,000. The average amount of ground rent was £65 collected annually. The lease finished on 14 October 2093. Given that there were 68 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.
Last Winter we were phoned by Mr and Mrs. B Allen , who owned a ground floor apartment in Little Oakley in August 1996. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative flats in Little Oakley with 100 year plus lease were worth £208,600. The average ground rent payable was £60 collected every twelve months. The lease concluded on 27 February 2082. Given that there were 57 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 plus expenses.