The only way is down when it comes to St Nicholas lease terms. St Nicholas properties that have a residual term less than than 80 years will reduce in value even faster, and the cost to extend your lease will increase.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | 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. |
Lease extensions in St Nicholas can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 St Nicholas lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her ground floor apartment in St Nicholas, Hannah initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The lease extension completed in April 2008. The freeholder’s costs were negotiated to slightly above 650 pounds.
In 2010 we were contacted by Mr and Mrs. T Davies who, having completed a basement apartment in St Nicholas in January 2003. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in St Nicholas with an extended lease were valued about £246,800. The average amount of ground rent was £60 collected per annum. The lease termination date was on 18 September 2076. Taking into account 50 years outstanding we calculated the premium to the landlord to extend the lease to be within £44,700 and £51,600 plus legals.
In 2014 we were called by Mr and Mrs. U Lefèvre who, having acquired a newly refurbished apartment in St Nicholas in May 2000. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Comparable flats in St Nicholas with 100 year plus lease were worth £208,200. The mid-range amount of ground rent was £65 collected annually. The lease terminated on 8 February 2087. Given that there were 61 years left we estimated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 exclusive of legals.