The only way is down when it comes to Yeadon lease terms. Yeadon properties that have a residual term less than than eighty years will reduce in market price even faster, and the cost to extend your lease will go up.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Yeadon can be a difficult process. We recommend you get guidance 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 a wealth of experience procuring Yeadon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful discussions with the landlord of her garden flat in Yeadon, Morgan initiated the lease extension process as the eighty year threshold was fast advancing. The legal work completed in March 2012. The landlord’s charges were restricted to a tad over 550 pounds.
Dr I Bonnet took over the lease of a one bedroom apartment in Yeadon in June 2010. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Identical homes in Yeadon with 100 year plus lease were worth £220,400. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease finished on 27 November 2089. Taking into account 64 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 not including costs.
Last August we were phoned by Dr Ethan Lambert , who purchased a garden apartment in Yeadon in September 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Identical residencies in Yeadon with an extended lease were worth £270,000. The average amount of ground rent was £55 invoiced every twelve months. The lease expired on 22 May 2100. Taking into account 75 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.