The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Lower Sunbury may extend the lease for an additional ninety years under Leasehold Reform legislation. Do think carefully before delaying your Lower Sunbury lease extension. Putting off that expense today simply escalates the premium you will ultimately have to pay for a lease extension.
Leasehold premises in Lower Sunbury with over 100 years remaining 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Lower Sunbury,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lower Sunbury valuers.
Last year Max, came perilously close to the eighty-year mark with the lease on his one bedroom apartment in Lower Sunbury. In buying his flat 19 years ago, the lease term was of minimal concern. As luck would have it, he realised he needed to take action soon on a lease extension. Max arranged for a lease extension just under the wire last April. Max and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If he not met the deadline, the figure would have gone up by at least £1,100.
Mr and Mrs. L Hernández completed a one bedroom apartment in Lower Sunbury in April 2005. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar properties in Lower Sunbury with an extended lease were worth £235,200. The mid-range ground rent payable was £45 collected every twelve months. The lease lapsed on 2 September 2092. Considering the 66 years remaining we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.
An example of a Lease Extension decision for a Lower Sunbury property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.