Chances are that where you own a flat in Middlewich you actually own a long leasehold interest over your property
Leasehold properties in Middlewich with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Middlewich can be a difficult process. We recommend you secure professional help from a lawyer 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 in-depth market knowledge dealing with Middlewich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the landlord of her two bedroom flat in Middlewich, Chelsea commenced the lease extension process as the 80 year deadline was swiftly approaching. The transaction was concluded in November 2008. The landlord’s fees were kept to an absolute minimum.
In 2009 we were contacted by Mr and Mrs. U Garcia who, having purchased a ground floor apartment in Middlewich in July 2008. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparable properties in Middlewich with an extended lease were worth £280,000. The average amount of ground rent was £55 invoiced quarterly. The lease ran out in 2102. Considering the 77 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.
Last Autumn we were e-mailed by Dr Eliot García , who bought a recently refurbished flat in Middlewich in April 2003. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative flats in Middlewich with 100 year plus lease were worth £183,600. The average ground rent payable was £65 collected yearly. The lease ended on 25 October 2082. Considering the 57 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus costs.