As the length of the unexpired term of a Quedgeley domestic lease lessens so does its value and therefore the value of your property. Where the lease has, over 125 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Quedgeley will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Quedgeley with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| 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. |
| 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. |
| 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. |
The conveyancers that we work with handle 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 conveyancer we work with provide it.
In the wake of 6 months of protracted correspondence with the landlord of her studio flat in Quedgeley, Madeleine commenced the lease extension process as the eighty year mark was swiftly approaching. The transaction was concluded in June 2010. The freeholder’s charges were restricted to a tad over 600 pounds.
Last Winter we were approach by Dr W Pérez , who took over the lease of a one bedroom apartment in Quedgeley in January 1998. The question was if we could estimate the price would likely be for a 90 year lease extension. Comparable residencies in Quedgeley with an extended lease were valued around £200,800. The average ground rent payable was £65 collected annually. The lease elapsed in 2085. Given that there were 60 years unexpired we approximated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 plus expenses.
Mr T Gómez moved into a garden apartment in Quedgeley in November 2004. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Identical premises in Quedgeley with an extended lease were worth £255,000. The average amount of ground rent was £50 collected monthly. The lease expired on 25 April 2096. Considering the 71 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.