The only way is down when it comes to Portslade lease terms. Portslade flats that have a remaining term lower than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Portslade can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in lease extensions.
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 procuring Portslade lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the landlord of her garden apartment in Portslade, Georgia started the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was finalised in October 2005. The landlord’s fees were kept to an absolute minimum.
Last Winter we were e-mailed by Mr Austin Petit , who moved into a purpose-built apartment in Portslade in October 2001. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar homes in Portslade with 100 year plus lease were in the region of £200,000. The mid-range ground rent payable was £50 billed monthly. The lease expired in 2104. Taking into account 78 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.
Last Christmas we were phoned by Mr and Mrs. H Simon , who took over the lease of a basement flat in Portslade in September 2009. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Portslade with a long lease were valued about £267,600. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed in 2093. Having 67 years left we calculated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of fees.