There is no doubt about it a leasehold flat or house in Sneyd Green is a wasting asset as a result of the diminishing lease term. Where the lease has, beyond one hundred years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner than later. Most flat owners in Sneyd Green will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Sneyd Green can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 procuring Sneyd Green 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 lengthy discussions with the landlord of her purpose-built flat in Sneyd Green, Freya started the lease extension process as the eighty year deadline was quickly coming. The legal work completed in September 2008. The freeholder’s fees were negotiated to about four hundred pounds.
Mr and Mrs. R Mitchell acquired a one bedroom apartment in Sneyd Green in July 2004. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Comparable properties in Sneyd Green with a long lease were worth £280,000. The average amount of ground rent was £55 invoiced every twelve months. The lease ended on 9 September 2103. Given that there were 78 years unexpired we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus costs.
Last November we were approach by Dr Isabelle Turner , who purchased a ground floor flat in Sneyd Green in October 2000. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Similar homes in Sneyd Green with 100 year plus lease were worth £191,000. The average ground rent payable was £65 invoiced annually. The lease ran out in 2083. Taking into account 58 years outstanding we approximated the premium to the landlord for the lease extension to be between £23,800 and £27,400 not including legals.