The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Staindrop have the legal entitlement to extend the lease for an additional ninety years in accordance with legislation. Please give careful consideration before delaying your Staindrop lease extension. Shelving the costs today simply increases the premium you will eventually be required to pay to extend the lease.
Leasehold residencies in Staindrop with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit 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. |
| 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. |
| 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. |
Engaging our service will provide you better control over the value of your Staindrop leasehold, as your property will be more valuable and saleable in relation to the 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.
Last October Andrew, came dangerously close to the eighty-year threshold with the lease on his studio apartment in Staindrop. Having purchased his property 18 years previously, the unexpired term was of no bearing. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Andrew was able to extend his lease just ahead of time last April. Andrew and the landlord subsequently agreed on the final figure of £5,500 . If the lease had gone lower than 80 years, the price would have become more exhorbitant by at least £1,075.
Ms J Collins was assigned a lease of a recently refurbished apartment in Staindrop in November 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable flats in Staindrop with 100 year plus lease were in the region of £295,000. The average amount of ground rent was £45 invoiced annually. The lease expired on 26 September 2099. Taking into account 74 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.
In 2014 we were contacted by Mr and Mrs. I Hernández who, having was assigned a lease of a studio flat in Staindrop in August 2005. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Identical residencies in Staindrop with an extended lease were in the region of £243,000. The average amount of ground rent was £65 invoiced yearly. The lease lapsed on 11 August 2088. Taking into account 63 years left we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus legals.