The only way is down when it comes to Ampthill lease terms. Ampthill leaseholds that have a lease term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will increase.
It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 landlord in Ampthill,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ampthill valuers.
Reuben owned a 2 bedroom flat in Ampthill on the market with a lease of a little over fifty eight years outstanding. Reuben on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Reuben to invoke his statutory right. Reuben procured expert advice and secured satisfactory deal informally and sell the flat.
Last year we were phoned by Mrs O Morris , who purchased a studio apartment in Ampthill in July 2006. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in Ampthill with a long lease were valued about £256,600. The average amount of ground rent was £60 collected annually. The lease expired in 2078. Considering the 52 years left we calculated the compensation to the freeholder to extend the lease to be within £41,800 and £48,400 plus fees.
Last Summer we were e-mailed by Mr Eli Kelly , who owned a recently refurbished apartment in Ampthill in March 1999. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Similar flats in Ampthill with 100 year plus lease were valued around £215,600. The average ground rent payable was £45 collected per annum. The lease ran out on 7 June 2088. Considering the 62 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 plus costs.