Chances are that if you own a flat in Attleborough you actually own a long leasehold interest over your property
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Using our service will provide you increased control over the value of your Attleborough leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the freeholder of her ground floor apartment in Attleborough, Daisy commenced the lease extension process as the eighty year threshold was swiftly coming. The transaction was finalised in August 2015. The freeholder’s costs were restricted to below 550 GBP.
Last Winter we were called by Mr F Torres , who owned a newly refurbished apartment in Attleborough in March 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Identical homes in Attleborough with an extended lease were in the region of £266,400. The average amount of ground rent was £60 invoiced annually. The lease ran out on 2 June 2080. Taking into account 54 years left we calculated the premium to the freeholder to extend the lease to be between £36,100 and £41,800 exclusive of legals.
Mr and Mrs. N Leroy took over the lease of a one bedroom flat in Attleborough in June 2000. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable properties in Attleborough with an extended lease were in the region of £225,400. The mid-range amount of ground rent was £45 billed annually. The lease expired on 17 May 2090. Taking into account 64 years remaining we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 plus costs.