The only way is down when it comes to Miles Platting lease terms. Miles Platting properties that have a residual term less than than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Miles Platting with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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. |
The conveyancing solicitors that we work with handle Miles Platting lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
In recent months Kyle, came dangerously near to the eighty-year mark with the lease on his basement flat in Miles Platting. Having purchased his home 18 years ago, the unexpired term was of little importance. by good luck, he realised he would imminently be paying an escalated premium for a lease extension. Kyle arranged for a lease extension just under the wire in April. Kyle and the landlord who owned the flat above ultimately agreed on the final figure of £5,500 . If he not met the deadline, the sum would have increased by a minimum £1,100.
Mrs Rosie Williams completed a purpose-built flat in Miles Platting in June 2005. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Miles Platting with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 billed quarterly. The lease finished in 2075. Given that there were 50 years outstanding we estimated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of fees.
In 2009 we were approached by Mr Alexander Gunderson who, having moved into a purpose-built apartment in Miles Platting in October 2003. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparable homes in Miles Platting with a long lease were worth £203,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease elapsed on 11 February 2086. Taking into account 61 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of fees.