The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Sunbury On Thames may extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Sunbury On Thames lease extension. Putting off the costs now simply escalates the amount you will ultimately be required to pay to extend the lease.
Leasehold premises in Sunbury On Thames with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service gives you enhanced control over the value of your Sunbury On Thames leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful correspondence with the freeholder of her garden apartment in Sunbury On Thames, Lydia initiated the lease extension process as the 80 year mark was rapidly approaching. The transaction was concluded in February 2007. The freeholder’s costs were kept to an absolute minimum.
In 2012 we were contacted by Dr Muhammad Davis who, having completed a studio flat in Sunbury On Thames in February 2001. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Similar homes in Sunbury On Thames with an extended lease were valued around £168,800. The average amount of ground rent was £60 billed every twelve months. The lease terminated in 2081. Having 55 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of professional charges.
An example of a Lease Extension decision for a Sunbury On Thames residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.