Chances are that if you own a flat in Fulwell you actually own a long leasehold interest over your property
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Regardless of whether you are a tenant or a freeholder in Fulwell,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Fulwell valuers.
In the wake of 6 months of lengthy negotiations with the freeholder of her first floor apartment in Fulwell, Gemma commenced the lease extension process just as the lease was nearing the all-important 80-year deadline. The lease extension was concluded in July 2005. The freeholder’s charges were kept to an absolute minimum.
Ms M Moreau owned a ground floor flat in Fulwell in January 2002. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Fulwell with 100 year plus lease were valued about £200,800. The average amount of ground rent was £65 billed per annum. The lease terminated in 2086. Having 60 years left we calculated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 plus fees.
An example of a Lease Extension matter before the tribunal for a Fulwell premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The remaining number of years on the lease was 60.45 years.