The only way is down when it comes to Sutton on Trent lease terms. Sutton on Trent flats that have a lease term shorter than eighty years will drop in value even faster, and the cost to extend your lease will go up.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
The lawyers that we work with handle Sutton on Trent lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Trailing lengthy correspondence with the landlord of her garden flat in Sutton on Trent, Isabel started the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work was concluded in July 2015. The freeholder’s charges were kept to an absolute minimum.
In 2012 we were approached by Mr and Mrs. T Bernard who, having bought a recently refurbished flat in Sutton on Trent in October 2004. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparable flats in Sutton on Trent with a long lease were worth £280,000. The mid-range ground rent payable was £45 billed quarterly. The lease finished in 2095. Given that there were 70 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.
In 2014 we were phoned by Mr and Mrs. T Dupont who, having acquired a basement apartment in Sutton on Trent in June 1996. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative premises in Sutton on Trent with a long lease were worth £223,400. The mid-range ground rent payable was £60 collected annually. The lease expired in 2084. Taking into account 59 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 not including expenses.