Windsor residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.
It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Windsor,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 experience and the close ties they enjoy with Windsor valuers.
In the wake of eight months of protracted discussions with the landlord of her basement apartment in Windsor, Jessica commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work was finalised in May 2007. The landlord’s charges were kept to an absolute minimum.
Mr U Clarke completed a one bedroom apartment in Windsor in April 1995. We are asked if we could approximate the premium would be for a ninety year lease extension. Similar premises in Windsor with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 collected annually. The lease came to a finish in 2092. Given that there were 66 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including professional charges.
Ms Hannah Peterson acquired a garden flat in Windsor in October 2007. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar homes in Windsor with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 billed yearly. The lease finished on 23 May 2103. Taking into account 77 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of expenses.