The only way is down when it comes to Stroud lease terms. Stroud properties that have a lease term shorter than eighty years will reduce in market price even faster, and the cost to extend your lease will rise.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Stroud can be a difficult process. We recommend you obtain professional help from a conveyancer 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 a wealth of experience procuring Stroud lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the freeholder of her one bedroom flat in Stroud, Rosie commenced the lease extension process as the 80 year mark was fast approaching. The transaction was concluded in February 2013. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. W Turner purchased a ground floor apartment in Stroud in May 2000. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical flats in Stroud with a long lease were valued about £232,800. The average ground rent payable was £45 collected quarterly. The lease termination date was on 3 June 2090. Taking into account 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.
Last Spring we were e-mailed by Dr Kyle Garcia , who acquired a purpose-built apartment in Stroud in October 1995. The question was if we could approximate the premium would likely be for a ninety year lease extension. Identical homes in Stroud with a long lease were worth £275,000. The average amount of ground rent was £55 invoiced every twelve months. The lease ran out on 17 July 2101. Considering the 76 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.