The only way is down when it comes to Chelmsley Wood lease terms. Chelmsley Wood properties that have a lease term fewer than 80 years will drop in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold properties in Chelmsley Wood with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| 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. |
| 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. |
Lease extensions in Chelmsley Wood can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Chelmsley Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the landlord of her first floor flat in Chelmsley Wood, Emma commenced the lease extension process as the eighty year threshold was quickly approaching. The lease extension was finalised in April 2007. The freeholder’s charges were restricted to about 650 GBP.
Dr Y Khan moved into a one bedroom apartment in Chelmsley Wood in August 2008. The question was if we could approximate the premium could be for a 90 year extension to my lease. Similar homes in Chelmsley Wood with a long lease were in the region of £245,000. The mid-range ground rent payable was £50 billed yearly. The lease came to a finish in 2094. Considering the 68 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.
Last Autumn we were called by Mr and Mrs. H Cook , who moved into a first floor apartment in Chelmsley Wood in January 2002. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar residencies in Chelmsley Wood with an extended lease were in the region of £285,000. The average ground rent payable was £55 billed every twelve months. The lease finished in 2105. Considering the 79 years outstanding we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus expenses.