Chances are that where you own a flat in Trowbridge Estate you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| 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. |
| 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. |
| 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. |
| 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 |
Retaining our service will provide you enhanced control over the value of your Trowbridge Estate leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of unsuccessful negotiations with the landlord of her basement apartment in Trowbridge Estate, Laura initiated the lease extension process as the eighty year deadline was rapidly nearing. The lease extension was finalised in July 2007. The freeholder’s fees were restricted to slightly above five hundred GBP.
Last Summer we were approach by Mr and Mrs. D Edwards , who purchased a one bedroom flat in Trowbridge Estate in August 2001. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Identical flats in Trowbridge Estate with a long lease were in the region of £173,800. The mid-range ground rent payable was £60 collected monthly. The lease elapsed on 10 March 2079. Considering the 55 years remaining we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.
Last Winter we were e-mailed by Mr and Mrs. G Flores , who bought a newly refurbished apartment in Trowbridge Estate in September 2004. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative homes in Trowbridge Estate with 100 year plus lease were in the region of £235,200. The mid-range ground rent payable was £45 billed yearly. The lease finished on 10 September 2090. Considering the 66 years remaining we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.