The only way is down when it comes to Stapleton lease terms. Stapleton leaseholds that have a remaining term fewer than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Stapleton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stapleton valuers.
In the wake of 9 months of protracted negotiations with the landlord of her leasehold apartment in Stapleton, Sian started the lease extension process as the 80 year deadline was quickly coming. The legal work was finalised in January 2009. The landlord’s costs were restricted to under 700 pounds.
Ms Isabella Brown purchased a ground floor flat in Stapleton in March 1998. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparable flats in Stapleton with a long lease were valued about £171,800. The average ground rent payable was £55 invoiced annually. The lease ended on 28 January 2075. Considering the 50 years remaining we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including fees.
In 2012 we were e-mailed by Mr and Mrs. D Laurent who, having purchased a ground floor flat in Stapleton in July 2004. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical flats in Stapleton with a long lease were worth £280,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease lapsed in 2095. Having 70 years left we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.