The re-sale value of a leasehold property in Stapleton depends on how long the lease has left to run. If it is near to or fewer than eighty years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to start the lease extension process when a lease still has 82 years to run so that all matters can be concluded in advance of the eighty year mark. Leasehold Reform legislation entitles Stapleton qualifying lessees to obtain a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Stapleton can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 Stapleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the landlord of her one bedroom apartment in Stapleton, Chloe started the lease extension process just as the lease was coming close to the critical eighty-year threshold. The legal work was concluded in September 2005. The landlord’s charges were negotiated to slightly above 550 pounds.
Last Summer we were called by Ms Amelia González , who took over the lease of a ground floor apartment in Stapleton in September 2003. The question was if we could approximate the price would be to extend the lease by ninety years. Comparable homes in Stapleton with a long lease were worth £240,600. The average ground rent payable was £60 invoiced every twelve months. The lease lapsed on 20 May 2087. Considering the 62 years remaining we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of expenses.
In 2009 we were e-mailed by Mr A Brown who, having bought a studio flat in Stapleton in November 2002. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Stapleton with a long lease were worth £174,200. The average ground rent payable was £55 invoiced monthly. The lease finished on 13 April 2076. Considering the 51 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of expenses.