The only way is down when it comes to Rush Green lease terms. Rush Green properties that have a remaining term fewer than 80 years will drop in value even faster, and the cost of extending your lease will rise.
Leasehold premises in Rush Green with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date 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 |
| 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. |
Lease extensions in Rush Green can be a difficult process. We recommend you procure 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 dealing with Rush Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lewis was the the leasehold proprietor of a 2 bedroom apartment in Rush Green on the market with a lease of just over sixty years remaining. Lewis informally approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Lewis to invoke his statutory right. Lewis procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.
Dr J Norbert took over the lease of a purpose-built flat in Rush Green in May 2004. We are asked if we could estimate the price could be to extend the lease by an additional years. Identical flats in Rush Green with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 billed every twelve months. The lease finished in 2098. Considering the 72 years remaining we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of legals.
An example of a Lease Extension case for a Rush Green flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The remaining number of years on the lease was 57.5 years.