The market value of Stalham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than 80 years
Leasehold premises in Stalham with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| 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. |
| Chelsea 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Stalham can be a difficult process. We recommend you obtain 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 a wealth of experience procuring Stalham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aarav was the the leasehold proprietor of a high value apartment in Stalham being marketed with a lease of fraction over 72 years left. Aarav informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Aarav to invoke his statutory right. Aarav obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.
In 2010 we were phoned by Mr and Mrs. K Lambert who, having was assigned a lease of a one bedroom flat in Stalham in July 2009. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative homes in Stalham with an extended lease were valued around £275,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease expired on 14 July 2103. Taking into account 77 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.
Dr V King owned a basement apartment in Stalham in September 2007. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical premises in Stalham with a long lease were worth £183,600. The mid-range ground rent payable was £65 collected yearly. The lease terminated in 2083. Having 57 years unexpired we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus expenses.