The only way is down when it comes to Sherwood lease terms. Sherwood properties that have a residual term shorter than eighty years will reduce in value even faster, and the cost to extend your lease will go up.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Sherwood can be a difficult process. We recommend you obtain professional help from a lawyer 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 dealing with Sherwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Nathan, started to get near to the eighty-year mark with the lease on his garden apartment in Sherwood. In buying his property twenty years previously, the length of the lease was of no importance. by good luck, he realised he needed to take action soon on a lease extension. Nathan was able to extend his lease just in the nick of time last June. Nathan and the freeholder via the managing agents eventually settled on sum of £5,500 . If the lease had fallen to less than 80 years, the amount would have increased by at least £875.
Last month we were phoned by Mr C Johnson , who purchased a studio flat in Sherwood in August 2002. The question was if we could approximate the premium would be to extend the lease by 90 years. Comparative premises in Sherwood with a long lease were valued around £218,000. The average ground rent payable was £45 billed monthly. The lease finished on 4 November 2089. Taking into account 63 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.
In 2009 we were contacted by Dr Finn Brooks who, having owned a ground floor flat in Sherwood in May 2005. We are asked if we could approximate the price could be for a ninety year extension to my lease. Identical premises in Sherwood with an extended lease were valued around £265,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease expired on 20 August 2100. Given that there were 74 years remaining we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.