When it comes to residential leasehold property in Peterston Super Ely, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than eighty years remaining. Residents in Peterston Super Ely with a lease approaching 81 years remaining should seriously consider extending it without delay. Once a lease has below eighty years outstanding, under the relevant statute the landlord can calculate and demand a larger premium, based on a technical multiplication, known as “marriage value” which is due.
Leasehold residencies in Peterston Super Ely with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Peterston Super Ely,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 Peterston Super Ely valuers.
After protracted correspondence with the landlord of her studio apartment in Peterston Super Ely, Shannon initiated the lease extension process as the 80 year deadline was fast advancing. The transaction was concluded in February 2010. The landlord’s costs were negotiated to approximately 500 GBP.
Last month we were e-mailed by Mr and Mrs. K Smith , who took over the lease of a garden apartment in Peterston Super Ely in October 2005. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable homes in Peterston Super Ely with a long lease were valued around £246,800. The average ground rent payable was £60 billed quarterly. The lease elapsed on 12 September 2076. Given that there were 50 years remaining we calculated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of costs.
In 2014 we were e-mailed by Mr and Mrs. B Hall who, having purchased a studio flat in Peterston Super Ely in February 2006. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Comparable flats in Peterston Super Ely with 100 year plus lease were in the region of £208,200. The mid-range ground rent payable was £65 collected every twelve months. The lease ended on 20 April 2087. Considering the 61 years remaining we calculated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus professional charges.