On the balance of probabilities if you own a flat in Astwood Bank you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a freeholder in Astwood Bank,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Astwood Bank valuers.
After lengthy discussions with the freeholder of her first floor apartment in Astwood Bank, Isabella initiated the lease extension process just as the lease was approaching the critical eighty-year deadline. The lease extension completed in May 2009. The freeholder’s fees were negotiated to slightly above 650 pounds.
Mrs E Bertrand completed a recently refurbished flat in Astwood Bank in July 2011. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative residencies in Astwood Bank with 100 year plus lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected yearly. The lease concluded in 2090. Having 65 years left we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.
Dr S Sánchez moved into a garden flat in Astwood Bank in September 2006. The question was if we could estimate the price would be to extend the lease by an additional years. Comparable flats in Astwood Bank with a long lease were worth £275,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease concluded on 4 May 2101. Considering the 76 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.