The only way is down when it comes to Kingstanding lease terms. Kingstanding flats that have a remaining term shorter than eighty years will reduce in market price even faster, and the cost to extend your lease will increase.
Leasehold properties in Kingstanding with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kingstanding can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 dealing with Kingstanding lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Luca, started to get close to the eighty-year threshold with the lease on his basement apartment in Kingstanding. In buying his flat two decades ago, the length of the lease was of no significance. by good luck, he realised he needed to take action soon on Extending the lease. Luca was able to extend his lease at the eleventh hour in May. Luca and the freeholder via the managing agents eventually agreed on sum of £6,000 . If the lease had descended lower than 80 years, the premium would have increased by a minimum £1,075.
Mr and Mrs. C Thomas moved into a purpose-built apartment in Kingstanding in September 2004. The dilemma was if we could approximate the price would be for a ninety year lease extension. Similar premises in Kingstanding with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced annually. The lease finished on 2 July 2103. Considering the 77 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.
Mr and Mrs. N Williams purchased a recently refurbished apartment in Kingstanding in June 1995. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable residencies in Kingstanding with an extended lease were worth £260,200. The mid-range ground rent payable was £65 collected per annum. The lease concluded in 2092. Taking into account 66 years left we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 not including expenses.