The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Sneinton may extend the lease for a further 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Sneinton lease extension. Putting off that expense now simply escalates the premium you will eventually have to pay to extend the lease.
Leasehold premises in Sneinton with over one hundred years left 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Sneinton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 a wealth of experience dealing with Sneinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted discussions with the freeholder of her first floor flat in Sneinton, Caitlin commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The transaction was finalised in September 2008. The landlord’s charges were kept to an absolute minimum.
Last Winter we were contacted by Ms Louise Martínez , who owned a first floor apartment in Sneinton in January 2004. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Identical properties in Sneinton with an extended lease were valued about £267,600. The average ground rent payable was £65 collected every twelve months. The lease came to a finish in 2093. Considering the 67 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 exclusive of legals.
Mr and Mrs. I Moreau purchased a purpose-built apartment in Sneinton in February 2003. We are asked if we could estimate the price would be to extend the lease by ninety years. Similar flats in Sneinton with an extended lease were worth £201,200. The mid-range ground rent payable was £55 billed yearly. The lease ended in 2082. Given that there were 56 years left we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus professional charges.