The market value of Quedgeley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is below than eighty years
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Quedgeley can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 a wealth of experience procuring Quedgeley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Milo, came precariously close to the 80-year threshold with the lease on his ground floor flat in Quedgeley. Having bought his flat two decades ago, the length of the lease was of no interest. by good luck, he noticed he would imminently be paying an inflated amount for a lease extension. Milo arranged for a lease extension at the eleventh hour last July. Milo and the freeholder via the managing agents eventually agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have escalated by a minimum £1,050.
In 2011 we were called by Dr Isaac Murphy who, having bought a one bedroom flat in Quedgeley in April 1996. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical properties in Quedgeley with 100 year plus lease were worth £254,200. The mid-range amount of ground rent was £60 billed quarterly. The lease expired on 18 January 2077. Given that there were 51 years unexpired we approximated the premium to the landlord to extend the lease to be within £43,700 and £50,600 plus legals.
In 2011 we were approached by Mr and Mrs. W Bertrand who, having was assigned a lease of a garden flat in Quedgeley in April 2005. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Similar flats in Quedgeley with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 collected annually. The lease finished on 9 October 2088. Taking into account 62 years left we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.