As the length of the unexpired term of a Sandhurst domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 125 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Sandhurst will qualify for this right; that being said a conveyancer should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Sandhurst with more than 100 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 home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Sandhurst,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sandhurst valuers.
Trailing unsuccessful discussions with the landlord of her basement flat in Sandhurst, Amy started the lease extension process as the eighty year mark was swiftly advancing. The transaction was concluded in January 2012. The freeholder’s charges were restricted to under five hundred pounds.
Last Spring we were approach by Mr and Mrs. M Adams , who purchased a garden apartment in Sandhurst in November 1997. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable residencies in Sandhurst with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease came to a finish in 2093. Given that there were 69 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.
In 2014 we were e-mailed by Dr Harriet Lefebvre who, having moved into a first floor flat in Sandhurst in October 1999. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Similar residencies in Sandhurst with a long lease were worth £216,000. The mid-range ground rent payable was £60 collected annually. The lease came to a finish in 2082. Having 58 years remaining we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including fees.