The only way is down when it comes to Surbiton lease terms. Surbiton flats that have a residual term shorter than eighty years will de-escalate in value even faster, and the cost to extend your lease will go up.
Leasehold premises in Surbiton with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Surbiton,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Surbiton valuers.
In the wake of 6 months of protracted correspondence with the landlord of her ground floor flat in Surbiton, Georgia initiated the lease extension process as the eighty year mark was rapidly approaching. The lease extension was concluded in May 2009. The freeholder’s costs were negotiated to slightly above 500 pounds.
Last Autumn we were phoned by Dr Austin Moore , who purchased a basement apartment in Surbiton in April 2004. The dilemma was if we could estimate the price would be to prolong the lease by ninety years. Identical properties in Surbiton with 100 year plus lease were in the region of £208,600. The mid-range ground rent payable was £60 billed every twelve months. The lease lapsed in 2081. Considering the 57 years outstanding we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.
An example of a Lease Extension matter before the tribunal for a Surbiton residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.