On the balance of probabilities if you own a flat in Slough you actually own a long leasehold interest over your property
Leasehold residencies in Slough with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Slough can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 Slough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted discussions with the landlord of her ground floor flat in Slough, Aimee commenced the lease extension process as the 80 year threshold was swiftly nearing. The lease extension completed in April 2010. The freeholder’s costs were kept to an absolute minimum.
Last month we were phoned by Dr G Murphy , who owned a ground floor flat in Slough in April 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Slough with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 billed annually. The lease ran out on 21 November 2098. Given that there were 73 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.
Mrs Holly Lambert acquired a first floor apartment in Slough in July 1997. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable homes in Slough with 100 year plus lease were worth £235,600. The mid-range amount of ground rent was £60 collected per annum. The lease lapsed in 2087. Considering the 62 years left we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of costs.