The only way is down when it comes to Martlesham Heath lease terms. Martlesham Heath properties that have a remaining term less than than 80 years will reduce in value at a rapid rate, and the cost to extend your lease will go up.
Leasehold premises in Martlesham Heath with over 100 years unexpired 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 home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Martlesham Heath can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.
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 in-depth market knowledge procuring Martlesham Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the landlord of her basement apartment in Martlesham Heath, Ellen started the lease extension process as the 80 year mark was swiftly coming. The legal work was finalised in October 2011. The landlord’s charges were kept to an absolute minimum.
In 2010 we were approached by Mr Finley Collins who, having acquired a one bedroom flat in Martlesham Heath in September 2002. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar homes in Martlesham Heath with an extended lease were valued around £270,000. The mid-range ground rent payable was £55 collected yearly. The lease ran out on 21 November 2101. Taking into account 75 years remaining we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.
In 2014 we were e-mailed by Dr P François who, having completed a one bedroom apartment in Martlesham Heath in March 2006. The dilemma was if we could approximate the price would be to extend the lease by 90 years. Comparable residencies in Martlesham Heath with 100 year plus lease were in the region of £168,800. The average ground rent payable was £60 billed monthly. The lease terminated in 2081. Taking into account 55 years unexpired we approximated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus professional charges.