Chances are that where you own a flat in Whitehaven you actually own a long leasehold interest over your property
Leasehold residencies in Whitehaven with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 service charges justify 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you better control over the value of your Whitehaven leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy negotiations with the landlord of her studio apartment in Whitehaven, Leah commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The lease extension was finalised in May 2013. The freeholder’s fees were kept to an absolute minimum.
Mrs Rhiannon Edwards took over the lease of a recently refurbished apartment in Whitehaven in August 2009. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparative properties in Whitehaven with a long lease were worth £235,600. The average ground rent payable was £60 billed yearly. The lease elapsed on 2 October 2087. Given that there were 62 years remaining we approximated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus legals.
Dr R Kelly moved into a first floor apartment in Whitehaven in May 1995. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparable premises in Whitehaven with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 invoiced yearly. The lease ended on 14 November 2076. Taking into account 51 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of legals.