The only way is down when it comes to Quedgeley lease terms. Quedgeley flats that have a residual term less than than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.
Leasehold residencies in Quedgeley with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
The lawyers that we work with undertake Quedgeley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
18 months ago Noah, came critically near to the eighty-year mark with the lease on his leasehold flat in Quedgeley. In buying his home two decades ago, the unexpired term was of no importance. Fortunately, he realised he would imminently be paying an inflated amount for Extending the lease. Noah was able to extend his lease just in the nick of time in September. Noah and the landlord ultimately settled on the final figure of £5,000 . If the lease had slid below 80 years, the amount would have gone up by at least £975.
Last Winter we were approach by Ms Alexandra Davis , who took over the lease of a ground floor flat in Quedgeley in January 2001. The question was if we could approximate the price would be to prolong the lease by an additional years. Similar properties in Quedgeley with 100 year plus lease were worth £275,000. The average ground rent payable was £55 collected per annum. The lease elapsed in 2103. Having 77 years unexpired we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of fees.
Mr and Mrs. P Bennett owned a ground floor apartment in Quedgeley in May 2011. The question was if we could approximate the premium could be to prolong the lease by a further 90 years. Comparative residencies in Quedgeley with 100 year plus lease were in the region of £181,200. The mid-range ground rent payable was £65 invoiced yearly. The lease expired on 25 September 2082. Taking into account 56 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 exclusive of fees.