Chances are that where you own a flat in Stoke Poges you actually own a long leasehold interest over your property
It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Lease extensions in Stoke Poges can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 dealing with Stoke Poges lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Archie, came dangerously near to the 80-year mark with the lease on his one bedroom apartment in Stoke Poges. In buying his flat two decades ago, the unexpired term was of little relevance. by good luck, he noticed he needed to take steps soon on Extending the lease. Archie arranged for a lease extension at the eleventh hour in June. Archie and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If the lease had fallen below eighty years, the sum would have gone up by a minimum £875.
Mr and Mrs. C Mason bought a first floor apartment in Stoke Poges in July 2005. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparative homes in Stoke Poges with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated on 25 October 2102. Taking into account 77 years outstanding we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.
Mr and Mrs. D Michel moved into a first floor apartment in Stoke Poges in November 2004. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Stoke Poges with a long lease were in the region of £183,600. The average ground rent payable was £65 collected monthly. The lease expired in 2082. Having 57 years left we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of expenses.