The only way is down when it comes to Shipston on Stour lease terms. Shipston on Stour flats that have a remaining term less than than 80 years will de-escalate in market price even faster, and the cost of extending your lease will rise.
Leasehold residencies in Shipston on Stour with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you better control over the value of your Shipston on Stour leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
14 months ago Daniel, started to get near to the eighty-year threshold with the lease on his basement flat in Shipston on Stour. Having bought his home 19 years previously, the length of the lease was of little significance. As luck would have it, he became aware that he would imminently be paying an inflated amount for a lease extension. Daniel extended the lease at the eleventh hour last September. Daniel and the freeholder eventually agreed on sum of £5,500 . If he not met the deadline, the premium would have become more costly by a minimum £1,075.
In 2012 we were e-mailed by Mr John King who, having moved into a one bedroom apartment in Shipston on Stour in November 2006. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical homes in Shipston on Stour with a long lease were valued about £174,200. The mid-range ground rent payable was £55 invoiced annually. The lease ran out on 2 September 2076. Taking into account 51 years as a residual term we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including professional charges.
In 2009 we were called by Dr U Rogers who, having was assigned a lease of a studio apartment in Shipston on Stour in June 1996. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparable flats in Shipston on Stour with a long lease were in the region of £285,000. The mid-range amount of ground rent was £45 collected quarterly. The lease concluded in 2096. Considering the 71 years remaining we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.