Chances are that if you own a flat in Pocklington you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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. |
Lease extensions in Pocklington can be a difficult process. We recommend you secure guidance from a conveyancer 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 Pocklington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tyler was the the leasehold proprietor of a 2 bedroom apartment in Pocklington on the market with a lease of just over 59 years outstanding. Tyler on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert legal guidance and secured an acceptable deal informally and readily saleable.
Mr and Mrs. G Peterson completed a garden apartment in Pocklington in March 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Pocklington with a long lease were valued about £191,400. The average amount of ground rent was £55 billed quarterly. The lease end date was on 8 August 2080. Considering the 54 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of costs.
Mr and Mrs. O Wright completed a ground floor flat in Pocklington in October 2003. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative premises in Pocklington with an extended lease were valued about £295,000. The mid-range amount of ground rent was £45 billed annually. The lease came to a finish on 14 August 2100. Given that there were 74 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including fees.