The only way is down when it comes to Thornton lease terms. Thornton leaseholds that have a remaining term fewer than eighty years will drop in market price even faster, and the cost to extend your lease will rise.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Thornton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 Thornton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Eliot, came dangerously near to the eighty-year threshold with the lease on his first floor apartment in Thornton. In buying his property two decades ago, the lease term was of no bearing. Luckily, he realised he needed to take steps soon on Extending the lease. Eliot was able to extend his lease just in the nick of time in May. Eliot and the landlord who owned the flat above subsequently agreed on an amount of £5,500 . If the lease had slid below 80 years, the premium would have become more exhorbitant by a minimum £900.
Last month we were phoned by Mrs O Mitchell , who owned a first floor flat in Thornton in September 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar residencies in Thornton with 100 year plus lease were worth £240,600. The average amount of ground rent was £60 collected quarterly. The lease end date was on 20 July 2088. Given that there were 62 years unexpired we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including costs.
Dr E Davies acquired a garden apartment in Thornton in October 2001. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Thornton with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced quarterly. The lease expired in 2077. Given that there were 51 years remaining we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including professional charges.