The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Shirebrook can extend the lease for an additional 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Shirebrook lease extension. Shelving that expense today simply increases the price you will ultimately have to pay to extend the lease.
Leasehold premises in Shirebrook with in excess of 100 years unexpired on the lease are often regarded as a ‘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 maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Yorkshire Building Society | 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. |
Lease extensions in Shirebrook can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 in-depth market knowledge dealing with Shirebrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy negotiations with the landlord of her ground floor apartment in Shirebrook, Alicia commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work completed in November 2015. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were contacted by Mrs L Gray who, having moved into a garden flat in Shirebrook in October 2007. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Comparable properties in Shirebrook with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 invoiced every twelve months. The lease concluded in 2077. Considering the 52 years outstanding we approximated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.
In 2014 we were contacted by Mr and Mrs. F Parker who, having bought a first floor apartment in Shirebrook in May 2011. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative residencies in Shirebrook with an extended lease were in the region of £285,000. The average amount of ground rent was £45 collected per annum. The lease finished on 13 July 2097. Having 72 years left we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.