The only way is down when it comes to Walham Green lease terms. Walham Green flats that have a remaining term lower than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will increase.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| Coventry Building Society | 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. |
| Lloyds TSB Scotland | 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 |
| 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. |
Regardless of whether you are a tenant or a landlord in Walham Green,the lease extension lawyers 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 Walham Green valuers.
Twenty four months ago Alexander, came perilously close to the 80-year threshold with the lease on his two bedroom flat in Walham Green. In buying his property two decades ago, the unexpired term was of little bearing. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Alexander was able to extend his lease at the eleventh hour last August. Alexander and the landlord who owned the flat above eventually settled on an amount of £6,000 . If the lease had dipped lower than eighty years, the price would have become more costly by at least £950.
Mrs R Smith completed a recently refurbished apartment in Walham Green in August 2007. The dilemma was if we could estimate the price would likely be to prolong the lease by an additional years. Comparative residencies in Walham Green with a long lease were valued about £275,000. The mid-range amount of ground rent was £55 collected per annum. The lease elapsed in 2102. Taking into account 77 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus fees.
Last Spring we were phoned by Mr Alfie Norbert , who owned a studio apartment in Walham Green in June 2004. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable premises in Walham Green with 100 year plus lease were worth £183,600. The average ground rent payable was £65 invoiced annually. The lease elapsed in 2082. Having 57 years unexpired we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including legals.