Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Stourport On Severn. Clearly, the period of lease left shortens over time. This is often ignored and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Stourport On Severn have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give due consideration before delaying your Stourport On Severn lease extension. Putting off the cost now only increases the price you will eventually incur to extend your lease
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Lease extensions in Stourport On Severn can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 in-depth market knowledge dealing with Stourport On Severn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful negotiations with the landlord of her two bedroom apartment in Stourport On Severn, Amber initiated the lease extension process as the eighty year mark was quickly coming. The legal work completed in August 2011. The landlord’s costs were kept to an absolute minimum.
Dr Y Evans bought a one bedroom apartment in Stourport On Severn in October 2009. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Similar homes in Stourport On Severn with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 27 February 2100. Considering the 74 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.
In 2014 we were contacted by Mr Nathan Rivera who, having took over the lease of a one bedroom flat in Stourport On Severn in March 2011. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparative residencies in Stourport On Severn with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 collected per annum. The lease ran out in 2080. Having 54 years left we estimated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus legals.