On the balance of probabilities where you own a flat in Tyldesley you actually own a long leasehold interest over your property
Leasehold premises in Tyldesley with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Tyldesley,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tyldesley valuers.
Trailing unsuccessful negotiations with the landlord of her ground floor apartment in Tyldesley, Danielle initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was concluded in November 2014. The landlord’s fees were restricted to approximately 500 pounds.
Ms O David took over the lease of a basement flat in Tyldesley in September 1999. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Similar homes in Tyldesley with an extended lease were worth £243,000. The average ground rent payable was £65 invoiced every twelve months. The lease lapsed in 2088. Having 63 years left we calculated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 not including professional charges.
Mr and Mrs. F Lee moved into a ground floor apartment in Tyldesley in February 1998. The dilemma was if we could approximate the price would be for a ninety year lease extension. Identical premises in Tyldesley with an extended lease were worth £181,600. The average ground rent payable was £55 collected per annum. The lease came to a finish on 19 July 2077. Taking into account 52 years outstanding we estimated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of expenses.