The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Stapleton may extend the lease for a further 90 years under legislation. Please think carefully before delaying your Stapleton lease extension. Putting off that expense now simply escalates the amount you will eventually have to pay for a lease extension.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.
| 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. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a freeholder in Stapleton,the lease extension lawyers 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.
After lengthy negotiations with the landlord of her studio apartment in Stapleton, Madeleine initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The legal work was concluded in January 2012. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were contacted by Mrs Alicia Walker who, having acquired a basement flat in Stapleton in March 2002. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparable properties in Stapleton with a long lease were worth £267,600. The average ground rent payable was £65 billed per annum. The lease elapsed in 2093. Having 67 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of fees.
Dr E Morel acquired a one bedroom flat in Stapleton in April 1996. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparative residencies in Stapleton with a long lease were in the region of £206,200. The average amount of ground rent was £60 billed monthly. The lease came to a finish in 2082. Having 56 years left we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus professional charges.