The only way is down when it comes to Whiteley lease terms. Whiteley properties that have a residual term fewer than eighty years will drop in value even faster, and the cost to extend your lease will increase.
Leasehold properties in Whiteley with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Engaging our service will provide you better control over the value of your Whiteley leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the freeholder of her leasehold flat in Whiteley, Millie started the lease extension process just as the lease was nearing the all-important 80-year mark. The lease extension was concluded in November 2010. The landlord’s costs were restricted to less than 450 GBP.
In 2011 we were called by Dr D Gray who, having bought a one bedroom flat in Whiteley in June 1998. We are asked if we could approximate the price could be to extend the lease by ninety years. Identical homes in Whiteley with 100 year plus lease were valued about £208,200. The average amount of ground rent was £65 billed every twelve months. The lease expired in 2086. Having 61 years remaining we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 not including professional charges.
In 2013 we were called by Mr and Mrs. S Rivera who, having was assigned a lease of a purpose-built flat in Whiteley in January 2008. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable homes in Whiteley with a long lease were worth £260,000. The mid-range ground rent payable was £50 invoiced per annum. The lease terminated on 1 May 2097. Taking into account 72 years remaining we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.