On the balance of probabilities where you own a flat in Fenstanton you actually own a long leasehold interest over your property
Leasehold residencies in Fenstanton with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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 Fenstanton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
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 procuring Fenstanton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the freeholder of her first floor apartment in Fenstanton, Rosie started the lease extension process just as the lease was approaching the crucial 80-year mark. The lease extension was concluded in April 2011. The landlord’s fees were restricted to less than 600 pounds.
Ms E Turner acquired a studio apartment in Fenstanton in January 2009. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Fenstanton with an extended lease were in the region of £280,000. The average ground rent payable was £55 invoiced yearly. The lease came to a finish on 25 November 2104. Taking into account 78 years unexpired we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.
Mr and Mrs. S Lewis owned a newly refurbished apartment in Fenstanton in October 2005. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Fenstanton with an extended lease were in the region of £191,000. The average amount of ground rent was £65 collected every twelve months. The lease terminated in 2084. Taking into account 58 years outstanding we approximated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of legals.