The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Timsbury may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Timsbury lease extension. Postponing the costs today simply escalates the price you will eventually be required to pay to extend the lease.
Leasehold residencies in Timsbury with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Timsbury,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 Timsbury valuers.
Off the back of lengthy negotiations with the freeholder of her first floor flat in Timsbury, Natalie initiated the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension was finalised in November 2005. The freeholder’s fees were kept to an absolute minimum.
Last Spring we were phoned by Dr Katie Moore , who purchased a studio flat in Timsbury in February 2009. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Comparable premises in Timsbury with a long lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease lapsed on 26 September 2103. Taking into account 78 years outstanding we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.
In 2012 we were e-mailed by Mr and Mrs. U Laurent who, having moved into a basement apartment in Timsbury in April 2004. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Similar properties in Timsbury with 100 year plus lease were in the region of £186,000. The average amount of ground rent was £65 billed monthly. The lease came to a finish on 1 February 2083. Having 58 years outstanding we estimated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 exclusive of expenses.