The only way is down when it comes to Swadlincote lease terms. Swadlincote properties that have a lease term lower than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.
Leasehold residencies in Swadlincote with more than one hundred years unexpired on the lease are sometimes 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 upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Santander | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Swadlincote,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Swadlincote valuers.
Michael was the the leasehold proprietor of a conversion flat in Swadlincote being marketed with a lease of a few days over fifty eight years left. Michael on an informal basis approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Michael to exercise his statutory right. Michael procured expert advice and secured satisfactory deal informally and readily saleable.
In 2014 we were approached by Mr and Mrs. L James who, having bought a one bedroom flat in Swadlincote in April 2010. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Identical homes in Swadlincote with a long lease were valued about £265,200. The average ground rent payable was £65 billed per annum. The lease ran out on 14 July 2092. Considering the 66 years remaining we estimated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of fees.
In 2013 we were contacted by Dr Joseph Moore who, having purchased a one bedroom apartment in Swadlincote in August 2000. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar properties in Swadlincote with a long lease were worth £198,800. The mid-range amount of ground rent was £55 collected per annum. The lease expired on 12 October 2081. Having 55 years unexpired we estimated the premium to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of costs.