On the balance of probabilities if you own a flat in Aston on Trent you actually own a long leasehold interest over your property
Leasehold premises in Aston on Trent with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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. |
Retaining our service gives you increased control over the value of your Aston on Trent leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy discussions with the freeholder of her purpose-built apartment in Aston on Trent, Emma commenced the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was concluded in September 2012. The landlord’s fees were kept to an absolute minimum.
In 2011 we were approached by Dr Samuel Bennett who, having bought a recently refurbished flat in Aston on Trent in October 2003. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Identical flats in Aston on Trent with a long lease were worth £191,400. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed on 10 August 2078. Taking into account 54 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of expenses.
Last Winter we were contacted by Mr and Mrs. O Ali , who moved into a ground floor apartment in Aston on Trent in June 1998. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Comparative homes in Aston on Trent with 100 year plus lease were valued around £295,000. The average ground rent payable was £45 collected monthly. The lease concluded in 2098. Considering the 74 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.