The only way is down when it comes to Sunninghill lease terms. Sunninghill flats that have a remaining term shorter than eighty years will de-escalate in market price at a rapid rate, and the cost to extend your lease will increase.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Sunninghill can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.
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 Sunninghill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Liam owned a 2 bedroom flat in Sunninghill being marketed with a lease of just over 61 years left. Liam on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Liam to exercise his statutory right. Liam obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
Last month we were e-mailed by Dr I Parker , who was assigned a lease of a one bedroom apartment in Sunninghill in March 2008. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Similar homes in Sunninghill with a long lease were valued around £295,000. The mid-range amount of ground rent was £45 collected yearly. The lease ended on 4 September 2100. Considering the 74 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.
Last month we were e-mailed by Mr and Mrs. Y Reed , who was assigned a lease of a one bedroom apartment in Sunninghill in January 1996. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Identical homes in Sunninghill with a long lease were valued around £243,000. The average ground rent payable was £65 collected per annum. The lease lapsed on 8 September 2089. Considering the 63 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of legals.