On the balance of probabilities if you own a flat in Alfreton you actually own a long leasehold interest over your property
Leasehold premises in Alfreton with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Alfreton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alfreton valuers.
Alexander owned a studio apartment in Alfreton on the market with a lease of fraction over sixty years unexpired. Alexander on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Mr and Mrs. B Gómez took over the lease of a garden apartment in Alfreton in April 1998. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative premises in Alfreton with 100 year plus lease were worth £255,000. The average ground rent payable was £50 invoiced per annum. The lease concluded in 2095. Taking into account 70 years remaining we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.
In 2009 we were e-mailed by Ms Isabelle Phillips who, having was assigned a lease of a one bedroom flat in Alfreton in April 1997. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparative properties in Alfreton with a long lease were in the region of £246,800. The average ground rent payable was £60 invoiced annually. The lease terminated in 2075. Considering the 50 years remaining we calculated the premium to the landlord to extend the lease to be within £44,700 and £51,600 not including legals.