On the balance of probabilities where you own a flat in Radcliffe you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Radcliffe can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
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 Radcliffe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the freeholder of her garden apartment in Radcliffe, Caitlin started the lease extension process as the 80 year deadline was quickly coming. The lease extension completed in June 2005. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. I Leroy purchased a ground floor flat in Radcliffe in October 1997. The question was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical properties in Radcliffe with an extended lease were valued around £233,200. The mid-range ground rent payable was £60 billed monthly. The lease lapsed on 11 May 2087. Given that there were 61 years unexpired we calculated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 not including legals.
In 2010 we were called by Mr and Mrs. G Clarke who, having bought a garden flat in Radcliffe in November 2007. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable properties in Radcliffe with an extended lease were in the region of £166,800. The mid-range amount of ground rent was £50 invoiced annually. The lease lapsed on 28 June 2076. Taking into account 50 years remaining we calculated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.