The only way is down when it comes to Yelverton lease terms. Yelverton flats that have a remaining term less than than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will go up.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
Using our service gives you better control over the value of your Yelverton 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 have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Matthew, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Yelverton. In buying his home two decades ago, the unexpired term was of no significance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Matthew extended the lease at the eleventh hour in July. Matthew and the freeholder in the end settled on the final figure of £5,000 . If he failed to meet the deadline, the amount would have increased by a minimum £850.
Last Spring we were approach by Mr and Mrs. U Richardson , who acquired a garden flat in Yelverton in March 1997. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Identical premises in Yelverton with a long lease were valued around £267,600. The mid-range amount of ground rent was £65 collected yearly. The lease ended on 8 January 2092. Having 67 years remaining we calculated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 plus professional charges.
Last Autumn we were phoned by Mr and Mrs. S Edwards , who owned a ground floor flat in Yelverton in November 2003. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Yelverton with an extended lease were valued around £206,200. The mid-range ground rent payable was £55 collected per annum. The lease expiry date was on 16 October 2081. Given that there were 56 years left we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of legals.