Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Flint. Inevitably, the length of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the property has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Flint have the right to extend the lease for a further ninety years under statute. You should give careful consideration before putting off your Flint lease extension. Holding off the cost now simply increases the price you will eventually incur for a lease extension
Leasehold premises in Flint with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify 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. |
| Coventry Building Society | 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. |
| 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 |
Lease extensions in Flint can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 procuring Flint lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the landlord of her purpose-built apartment in Flint, Amy started the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The lease extension was finalised in January 2009. The freeholder’s charges were kept to an absolute minimum.
Dr G Bennett was assigned a lease of a first floor flat in Flint in May 1998. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical properties in Flint with 100 year plus lease were worth £203,200. The mid-range ground rent payable was £65 collected monthly. The lease lapsed in 2086. Given that there were 61 years outstanding we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including costs.
In 2013 we were phoned by Dr J Patel who, having purchased a first floor apartment in Flint in June 1995. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar properties in Flint with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected annually. The lease expired on 11 March 2097. Given that there were 72 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.