The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Welton can extend the lease for an additional 90 years under statute. Please give careful consideration before delaying your Welton lease extension. Putting off that expense today simply increases the price you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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 Welton can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 procuring Welton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her basement apartment in Welton, Katie initiated the lease extension process as the eighty year deadline was rapidly advancing. The legal work was finalised in October 2006. The landlord’s fees were restricted to approximately five hundred GBP.
Last Spring we were contacted by Mr and Mrs. W Sánchez , who moved into a ground floor flat in Welton in September 1995. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative flats in Welton with 100 year plus lease were valued around £260,000. The mid-range amount of ground rent was £50 billed per annum. The lease finished on 17 May 2099. Considering the 73 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
Dr T Lewis owned a ground floor apartment in Welton in June 2002. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar properties in Welton with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected quarterly. The lease termination date was in 2079. Considering the 53 years left we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 not including professional charges.