The only way is down when it comes to North Plymouth lease terms. North Plymouth properties that have a residual term shorter than eighty years will de-escalate in value even faster, and the cost to extend your lease will rise.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Lease extensions in North Plymouth can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 North Plymouth 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 unsuccessful negotiations with the landlord of her purpose-built apartment in North Plymouth, Jennifer initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The lease extension was concluded in August 2009. The landlord’s costs were kept to an absolute minimum.
Mr Y Evans purchased a first floor apartment in North Plymouth in June 1996. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar premises in North Plymouth with a long lease were in the region of £225,800. The mid-range ground rent payable was £60 collected monthly. The lease expiry date was in 2085. Given that there were 60 years unexpired we approximated the compensation to the landlord for the lease extension to be within £25,700 and £29,600 plus fees.
In 2011 we were e-mailed by Mrs Laura Harris who, having was assigned a lease of a studio apartment in North Plymouth in August 2008. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Identical flats in North Plymouth with an extended lease were in the region of £210,000. The mid-range ground rent payable was £50 billed per annum. The lease elapsed on 25 November 2105. Considering the 80 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.