For anyone whose Rubery property is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.
Leasehold properties in Rubery with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying 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. |
| 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. |
| 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. |
Regardless of whether you are a tenant or a landlord in Rubery,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Rubery valuers.
Trailing unsuccessful discussions with the landlord of her garden apartment in Rubery, Jordan initiated the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was concluded in September 2010. The freeholder’s costs were negotiated to below six hundred GBP.
Mr and Mrs. N White purchased a basement flat in Rubery in July 1997. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative homes in Rubery with an extended lease were in the region of £171,800. The mid-range ground rent payable was £55 collected annually. The lease concluded on 20 January 2075. Given that there were 50 years outstanding we calculated the premium to the landlord for the lease extension to be within £33,300 and £38,400 plus fees.
Dr C Patel purchased a one bedroom apartment in Rubery in January 2000. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Comparative residencies in Rubery with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease lapsed on 24 January 2095. Having 70 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.