The value of Stallingborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is below than 80 years
Leasehold properties in Stallingborough with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance 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. |
| 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. |
| 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 |
Lease extensions in Stallingborough can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
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 Stallingborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Thomas was the the leasehold proprietor of a 2 bedroom apartment in Stallingborough being marketed with a lease of just over fifty eight years unexpired. Thomas informally approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Thomas to exercise his statutory right. Thomas obtained expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Last Spring we were called by Mr and Mrs. M Rodríguez , who took over the lease of a studio apartment in Stallingborough in June 2000. The question was if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparable homes in Stallingborough with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 billed quarterly. The lease lapsed on 6 March 2103. Considering the 77 years left we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.
In 2011 we were approached by Mr and Mrs. H Bernard who, having purchased a ground floor apartment in Stallingborough in November 2008. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar flats in Stallingborough with 100 year plus lease were worth £183,600. The average ground rent payable was £65 collected per annum. The lease terminated in 2083. Considering the 57 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.