Chances are that where you own a flat in Stamford Bridge you actually own a long leasehold interest over your property
Leasehold properties in Stamford Bridge with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
Lease extensions in Stamford Bridge can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Stamford Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the freeholder of her two bedroom flat in Stamford Bridge, Courtney initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction completed in September 2014. The landlord’s charges were kept to an absolute minimum.
In 2013 we were approached by Ms H White who, having owned a studio flat in Stamford Bridge in March 1997. The question was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical homes in Stamford Bridge with 100 year plus lease were valued about £193,400. The mid-range amount of ground rent was £65 billed quarterly. The lease terminated on 21 March 2084. Considering the 59 years outstanding we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus expenses.
In 2011 we were e-mailed by Mr Sam Patel who, having purchased a one bedroom apartment in Stamford Bridge in May 2002. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Comparative residencies in Stamford Bridge with an extended lease were valued around £250,000. The average ground rent payable was £50 invoiced annually. The lease terminated on 14 May 2095. Given that there were 70 years remaining we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.