Chances are that if you own a flat in Benfleet you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Benfleet can be a difficult process. We recommend you get professional help from a conveyancer 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 Benfleet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathaniel was the the leasehold owner of a conversion apartment in Benfleet being sold with a lease of fraction over 61 years outstanding. Nathaniel on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert advice and secured satisfactory deal informally and sell the flat.
Last year we were called by Mr Arthur Ali , who bought a ground floor flat in Benfleet in September 2011. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Identical properties in Benfleet with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 collected every twelve months. The lease finished in 2095. Having 69 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
Mr and Mrs. A Michel acquired a basement flat in Benfleet in September 2011. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparable flats in Benfleet with 100 year plus lease were in the region of £290,000. The average ground rent payable was £60 collected quarterly. The lease terminated on 15 February 2106. Having 80 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.