The only way is down when it comes to Newton Longville lease terms. Newton Longville leaseholds that have a residual term fewer than 80 years will drop in value even faster, and the cost of extending your lease will rise.
Leasehold properties in Newton Longville with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth 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 maintenance charges justify 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Newton Longville can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 dealing with Newton Longville 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 6 months of unsuccessful correspondence with the freeholder of her leasehold flat in Newton Longville, Jessica initiated the lease extension process as the eighty year deadline was quickly coming. The legal work was finalised in September 2014. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. A Torres acquired a basement flat in Newton Longville in May 2012. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Identical properties in Newton Longville with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced annually. The lease ran out in 2077. Taking into account 51 years remaining we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.
In 2009 we were e-mailed by Mrs Molly Watson who, having bought a recently refurbished flat in Newton Longville in January 1995. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Identical premises in Newton Longville with a long lease were in the region of £285,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease lapsed in 2097. Considering the 71 years remaining we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.