The market value of Rufford 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 escalate significantly once the unexpired lease term is below than eighty years
Leasehold residencies in Rufford with over 100 years outstanding 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Rufford can be a difficult process. We recommend you secure guidance 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 a wealth of experience dealing with Rufford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her first floor apartment in Rufford, Bethan started the lease extension process as the eighty year deadline was quickly coming. The transaction was concluded in July 2007. The freeholder’s charges were restricted to a tad over 550 GBP.
Last July we were approach by Mr and Mrs. S Johnson , who purchased a studio apartment in Rufford in January 2007. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Identical premises in Rufford with 100 year plus lease were in the region of £200,000. The mid-range amount of ground rent was £50 billed quarterly. The lease expired in 2103. Taking into account 77 years outstanding we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.
In 2010 we were e-mailed by Mr and Mrs. P Sánchez who, having took over the lease of a ground floor apartment in Rufford in June 1996. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Rufford with an extended lease were valued around £260,200. The average ground rent payable was £65 invoiced every twelve months. The lease came to a finish on 17 May 2092. Given that there were 66 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of legals.