On the balance of probabilities where you own a flat in Aston on Trent 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 equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
Lease extensions in Aston on Trent can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Aston on Trent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the landlord of her ground floor flat in Aston on Trent, Isabella initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The legal work was finalised in October 2009. The landlord’s costs were restricted to approximately 650 GBP.
Last month we were approach by Mrs L Martínez , who acquired a newly refurbished apartment in Aston on Trent in October 2006. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable premises in Aston on Trent with a long lease were worth £171,800. The average amount of ground rent was £55 invoiced monthly. The lease lapsed in 2076. Having 50 years remaining we approximated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of fees.
Last Christmas we were contacted by Ms Leah Kelly , who completed a newly refurbished flat in Aston on Trent in January 1998. The question was if we could estimate the premium would be for a ninety year lease extension. Similar flats in Aston on Trent with a long lease were valued about £280,000. The average ground rent payable was £45 collected every twelve months. The lease concluded on 11 October 2096. Taking into account 70 years outstanding we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.