Chances are that where you own a flat in Stroud you actually own a long leasehold interest over your property
Leasehold residencies in Stroud with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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. |
| 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 Stroud can be a difficult process. We recommend you obtain professional help from a conveyancer 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 dealing with Stroud lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful discussions with the freeholder of her two bedroom flat in Stroud, Ella commenced the lease extension process just as her lease was nearing the crucial 80-year mark. The transaction was finalised in September 2014. The landlord’s fees were restricted to less than 450 GBP.
Dr Logan Gunderson was assigned a lease of a ground floor flat in Stroud in April 2009. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Identical premises in Stroud with a long lease were valued about £225,400. The mid-range ground rent payable was £45 invoiced annually. The lease came to a finish on 21 January 2090. Having 64 years unexpired we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 not including costs.
Mr Nathan Cox completed a studio flat in Stroud in March 2007. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Comparable flats in Stroud with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 collected quarterly. The lease elapsed in 2101. Considering the 75 years as a residual term we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.