The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in St George may extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your St George lease extension. Putting off the costs today simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold properties in St George with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service will provide you increased control over the value of your St George leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the freeholder of her one bedroom apartment in St George, Tia commenced the lease extension process as the eighty year mark was fast nearing. The lease extension completed in August 2015. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. L Laurent bought a purpose-built apartment in St George in April 2005. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Comparative flats in St George with an extended lease were valued around £208,600. The mid-range ground rent payable was £60 invoiced per annum. The lease expired on 16 April 2083. Considering the 57 years remaining we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including costs.
Last June we were contacted by Mr and Mrs. B Ward , who completed a purpose-built flat in St George in January 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Similar premises in St George with an extended lease were worth £200,000. The average amount of ground rent was £50 billed monthly. The lease finished on 22 November 2103. Taking into account 77 years outstanding we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.