The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Winchcombe may extend the lease for an additional ninety years under statute. Please think carefully before delaying your Winchcombe lease extension. Postponing the costs now simply escalates the premium you will eventually 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 30 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Winchcombe can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 dealing with Winchcombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Aiden, came seriously close to the 80-year threshold with the lease on his basement flat in Winchcombe. Having purchased his property two decades ago, the unexpired term was of little bearing. Fortunately, he noticed he needed to take action soon on Extending the lease. Aiden arranged for a lease extension at the eleventh hour in July. Aiden and the landlord in the end agreed on a premium of £5,500 . If he had missed the deadline, the amount would have increased by a minimum £1,125.
Mr Arthur Mercier completed a studio apartment in Winchcombe in May 1999. The dilemma was if we could approximate the premium would likely be to extend the lease by an additional years. Comparable premises in Winchcombe with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £45 collected per annum. The lease ran out in 2099. Taking into account 74 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
Dr N Morel completed a newly refurbished flat in Winchcombe in August 1998. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable premises in Winchcombe with a long lease were valued about £243,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease expired in 2088. Considering the 63 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 plus expenses.