The only way is down when it comes to Stamford Bridge lease terms. Stamford Bridge flats that have a lease term lower than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will go up.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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. |
The lawyers that we work with procure Stamford Bridge lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
After lengthy correspondence with the landlord of her purpose-built flat in Stamford Bridge, Alexandra initiated the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work completed in September 2007. The freeholder’s fees were restricted to about five hundred pounds.
Last month we were approach by Dr C Morris , who moved into a recently refurbished apartment in Stamford Bridge in March 1996. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar residencies in Stamford Bridge with a long lease were worth £270,000. The average amount of ground rent was £55 collected per annum. The lease finished on 9 July 2102. Having 76 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.
Last Summer we were approach by Dr Ellen Ward , who moved into a one bedroom flat in Stamford Bridge in November 2009. The question was if we could approximate the premium would be for a 90 year lease extension. Comparative homes in Stamford Bridge with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 billed quarterly. The lease finished on 26 November 2082. Given that there were 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of professional charges.