The only way is down when it comes to Shenley Brook End lease terms. Shenley Brook End flats that have a remaining term shorter than eighty years will de-escalate in market price at a rapid rate, and the cost of extending your lease will increase.
Leasehold properties in Shenley Brook End with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Shenley Brook End,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shenley Brook End valuers.
Alex owned a studio flat in Shenley Brook End being sold with a lease of fraction over 72 years outstanding. Alex informally approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Alex to exercise his statutory right. Alex obtained expert advice and secured satisfactory resolution without resorting to tribunal and sell the property.
Last month we were e-mailed by Mr and Mrs. R Johnson , who took over the lease of a ground floor flat in Shenley Brook End in August 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Similar homes in Shenley Brook End with an extended lease were in the region of £280,000. The average ground rent payable was £45 invoiced per annum. The lease terminated in 2094. Having 69 years outstanding we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.
Ms Ashleigh Collins purchased a studio apartment in Shenley Brook End in March 2007. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Identical flats in Shenley Brook End with 100 year plus lease were worth £216,000. The average amount of ground rent was £60 billed yearly. The lease expiry date was in 2083. Given that there were 58 years remaining we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including expenses.