The only way is down when it comes to Flamborough lease terms. Flamborough flats that have a lease term lower than eighty years will de-escalate in market price at a rapid rate, and the cost to extend your lease will rise.
Leasehold premises in Flamborough with more than one hundred years outstanding on the lease are sometimes regarded as a ‘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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Flamborough can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.
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 procuring Flamborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Finn, came perilously near to the 80-year mark with the lease on his purpose- built apartment in Flamborough. In buying his home two decades ago, the unexpired term was of no bearing. by good luck, he became aware that he would soon be paying an inflated amount for a lease extension. Finn extended the lease at the eleventh hour in March. Finn and the landlord ultimately settled on sum of £6,000 . If he failed to meet the deadline, the premium would have escalated by a minimum £1,100.
In 2010 we were contacted by Dr Blake Jackson who, having completed a studio apartment in Flamborough in May 2011. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Comparative homes in Flamborough with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 invoiced per annum. The lease lapsed on 19 August 2101. Having 77 years remaining we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of legals.
Dr B Ali completed a one bedroom flat in Flamborough in April 2004. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Flamborough with a long lease were in the region of £265,200. The average ground rent payable was £65 collected quarterly. The lease ended on 6 February 2090. Given that there were 66 years outstanding we approximated the premium to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of costs.