The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Stokenchurch can extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Stokenchurch lease extension. Putting off that expense now simply increases the amount you will eventually have to pay to extend the lease.
Leasehold properties in Stokenchurch with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The lawyers that we work with undertake Stokenchurch 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.
Last October Ben, came seriously near to the eighty-year mark with the lease on his purpose- built apartment in Stokenchurch. Having purchased his home two decades ago, the unexpired term was of no concern. Thankfully, he noticed he needed to take steps soon on a lease extension. Ben arranged for a lease extension at the eleventh hour in June. Ben and the freeholder via the managing agents ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the premium would have escalated by at least £1,075.
Last Summer we were approach by Ms E García , who moved into a first floor apartment in Stokenchurch in May 2001. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparative properties in Stokenchurch with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 billed per annum. The lease expired on 15 July 2099. Given that there were 73 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
Dr N Martinez was assigned a lease of a studio flat in Stokenchurch in May 2002. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable premises in Stokenchurch with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £65 collected every twelve months. The lease terminated in 2088. Considering the 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including legals.