The only way is down when it comes to Silsoe lease terms. Silsoe flats that have a lease term fewer than 80 years will drop in market price at a rapid rate, and the cost of extending your lease will rise.
It is generally accepted 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 all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Santander |
Irrespective of whether you are a tenant or a landlord in Silsoe,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Silsoe valuers.
Half a year ago Finley, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Silsoe. In buying his flat twenty years ago, the length of the lease was of minimal concern. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Finley extended the lease at the eleventh hour in March. Finley and the landlord who owned the flat above eventually settled on an amount of £5,000 . If the lease had slipped lower than 80 years, the amount would have gone up by at least £925.
In 2013 we were e-mailed by Dr Megan Gray who, having purchased a ground floor apartment in Silsoe in April 1995. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar premises in Silsoe with an extended lease were in the region of £260,200. The average amount of ground rent was £65 invoiced monthly. The lease ended in 2092. Considering the 66 years remaining we estimated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus costs.
Last Winter we were approach by Dr Andrew García , who was assigned a lease of a newly refurbished flat in Silsoe in January 2004. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative properties in Silsoe with a long lease were in the region of £198,800. The average amount of ground rent was £55 invoiced per annum. The lease came to a finish on 9 June 2081. Considering the 55 years outstanding we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including professional charges.