Chances are that where you own a flat in Machen you actually own a long leasehold interest over your property
Leasehold premises in Machen with over 100 years left 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 home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| 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. |
| 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. |
| 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. |
Lease extensions in Machen can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 Machen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the freeholder of her leasehold apartment in Machen, Danielle started the lease extension process as the 80 year threshold was fast nearing. The legal work completed in April 2008. The freeholder’s fees were kept to an absolute minimum.
Ms Lauren Cox acquired a purpose-built flat in Machen in January 1995. The question was if we could estimate the price would be for a 90 year extension to my lease. Identical premises in Machen with a long lease were in the region of £265,200. The mid-range amount of ground rent was £65 collected annually. The lease expiry date was on 14 February 2091. Taking into account 66 years outstanding we approximated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus expenses.
In 2012 we were called by Dr Louise Gunderson who, having owned a garden apartment in Machen in November 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Machen with 100 year plus lease were valued about £198,800. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed on 24 July 2080. Having 55 years outstanding we calculated the premium to the landlord for the lease extension to be within £33,300 and £38,400 not including legals.