The only way is down when it comes to Shildon lease terms. Shildon properties that have a remaining term shorter than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will increase.
It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Shildon can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 Shildon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Thomas, started to get near to the 80-year threshold with the lease on his first floor apartment in Shildon. In buying his home twenty years previously, the unexpired term was of little bearing. by good luck, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Thomas arranged for a lease extension at the eleventh hour last March. Thomas and the freeholder ultimately agreed on a premium of £5,500 . If he not met the deadline, the figure would have gone up by at least £1,100.
Mrs Elizabeth Rogers completed a one bedroom apartment in Shildon in September 2002. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Comparative flats in Shildon with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed quarterly. The lease terminated on 14 April 2078. Having 55 years remaining we calculated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including expenses.
Dr T Collins was assigned a lease of a recently refurbished apartment in Shildon in November 2002. We are asked if we could approximate the premium would be to extend the lease by an additional years. Comparable residencies in Shildon with a long lease were valued around £295,000. The average ground rent payable was £45 billed per annum. The lease finished in 2098. Given that there were 75 years outstanding we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.