The only way is down when it comes to St Brides Major lease terms. St Brides Major flats that have a residual term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in St Brides Major,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with St Brides Major valuers.
In the wake of 6 months of protracted discussions with the landlord of her one bedroom apartment in St Brides Major, Harriet initiated the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work was finalised in January 2008. The freeholder’s fees were kept to an absolute minimum.
In 2010 we were approached by Mr and Mrs. L White who, having took over the lease of a one bedroom flat in St Brides Major in February 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparative residencies in St Brides Major with an extended lease were valued around £205,000. The mid-range ground rent payable was £50 collected every twelve months. The lease concluded on 2 October 2105. Taking into account 79 years outstanding we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.
Mrs W Brooks purchased a recently refurbished flat in St Brides Major in July 2003. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in St Brides Major with an extended lease were valued about £275,000. The average ground rent payable was £65 collected yearly. The lease came to a finish on 6 April 2094. Given that there were 68 years remaining we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.