On the balance of probabilities if you own a flat in Barlestone you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| 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. |
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
Using our service will provide you increased control over the value of your Barlestone leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Jason, came critically near to the 80-year mark with the lease on his garden flat in Barlestone. In buying his home two decades ago, the lease term was of little interest. As luck would have it, he recognised he needed to take action soon on Extending the lease. Jason arranged for a lease extension just ahead of time last September. Jason and the landlord in the end settled on the final figure of £6,000 . If the lease had slipped below 80 years, the amount would have become more costly by a minimum £1,000.
Last month we were e-mailed by Dr Harrison Bertrand , who was assigned a lease of a recently refurbished apartment in Barlestone in August 1996. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative residencies in Barlestone with a long lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease expiry date was in 2104. Taking into account 78 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.
Last Summer we were e-mailed by Dr U Edwards , who completed a one bedroom flat in Barlestone in August 1995. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Identical premises in Barlestone with 100 year plus lease were in the region of £186,000. The mid-range amount of ground rent was £65 invoiced yearly. The lease ended in 2084. Given that there were 58 years as a residual term we approximated the premium to the landlord for the lease extension to be between £24,700 and £28,600 not including professional charges.