The only way is down when it comes to Yaxley lease terms. Yaxley leaseholds that have a lease term less than than eighty years will reduce in value even faster, and the cost of extending your lease will increase.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Yaxley,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Yaxley valuers.
Off the back of lengthy discussions with the landlord of her one bedroom flat in Yaxley, Niamh started the lease extension process as the eighty year deadline was quickly nearing. The legal work was finalised in July 2008. The landlord’s fees were kept to an absolute minimum.
In 2013 we were phoned by Mr and Mrs. U Robinson who, having completed a first floor flat in Yaxley in March 2011. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable residencies in Yaxley with 100 year plus lease were worth £205,000. The average ground rent payable was £50 billed every twelve months. The lease terminated in 2104. Considering the 79 years unexpired we estimated the compensation to the landlord to extend the lease to be between £7,600 and £8,800 plus expenses.
Mr and Mrs. J Kelly was assigned a lease of a ground floor apartment in Yaxley in October 2007. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable properties in Yaxley with 100 year plus lease were valued about £270,000. The average ground rent payable was £65 collected every twelve months. The lease elapsed in 2093. Considering the 68 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.