There is no doubt about it a leasehold flat or house in Flint is a wasting asset as a result of the shortening lease. Where the lease has, over 99 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner as opposed to later. Most flat owners in Flint will meet the qualifying criteria; that being said a lawyer should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Regardless of whether you are a tenant or a freeholder in Flint,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Flint valuers.
Matthew was the the leasehold proprietor of a high value apartment in Flint being sold with a lease of fraction over fifty eight years remaining. Matthew informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Matthew to invoke his statutory right. Matthew procured expert legal guidance and secured an acceptable resolution informally and sell the property.
Mr and Mrs. I Morel acquired a newly refurbished flat in Flint in October 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Flint with 100 year plus lease were valued about £270,000. The mid-range amount of ground rent was £55 billed quarterly. The lease end date was in 2101. Taking into account 75 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.
In 2010 we were e-mailed by Dr J Bonnet who, having acquired a ground floor flat in Flint in September 2003. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Flint with an extended lease were in the region of £168,800. The mid-range amount of ground rent was £60 invoiced yearly. The lease came to a finish on 11 August 2081. Taking into account 55 years left we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including legals.