Chances are that if you own a flat in Appleby In Westmorland you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | 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. |
The lawyers that we work with handle Appleby In Westmorland lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Following unsuccessful discussions with the freeholder of her purpose-built flat in Appleby In Westmorland, Jennifer started the lease extension process just as her lease was approaching the crucial eighty-year deadline. The transaction completed in June 2005. The landlord’s charges were restricted to below five hundred pounds.
In 2011 we were approached by Dr H Robinson who, having took over the lease of a first floor flat in Appleby In Westmorland in August 2011. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Similar flats in Appleby In Westmorland with 100 year plus lease were in the region of £237,600. The average amount of ground rent was £45 collected quarterly. The lease expiry date was on 11 May 2092. Considering the 67 years left we estimated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 plus expenses.
Last Summer we were contacted by Mrs Y Campbell , who owned a newly refurbished apartment in Appleby In Westmorland in April 2007. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Appleby In Westmorland with an extended lease were valued about £280,000. The mid-range ground rent payable was £55 collected every twelve months. The lease came to a finish in 2103. Having 78 years left we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.