Quedgeley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Quedgeley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Quedgeley you would be well advised to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value
It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | 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. |
Lease extensions in Quedgeley can be a difficult process. We recommend you get professional help 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 in-depth market knowledge dealing with Quedgeley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Charlie, started to get close to the eighty-year mark with the lease on his studio flat in Quedgeley. In buying his home two decades ago, the unexpired term was of minimal interest. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Charlie extended the lease just under the wire in March. Charlie and the freeholder via the managing agents eventually settled on the final figure of £5,500 . If he had missed the deadline, the sum would have gone up by a minimum £1,075.
In 2009 we were phoned by Mr and Mrs. I Patel who, having completed a garden apartment in Quedgeley in July 1996. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable properties in Quedgeley with an extended lease were in the region of £260,000. The average ground rent payable was £50 billed monthly. The lease terminated on 7 April 2097. Considering the 72 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.
Last month we were phoned by Mr and Mrs. E Mason , who bought a one bedroom apartment in Quedgeley in July 2002. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparable residencies in Quedgeley with an extended lease were in the region of £256,600. The average amount of ground rent was £60 billed per annum. The lease elapsed in 2077. Given that there were 52 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £41,800 and £48,400 plus costs.