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 in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property 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. |
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you enhanced 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 decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Isaac owned a conversion apartment in Barlestone on the market with a lease of a little over 61 years left. Isaac informally spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Isaac to invoke his statutory right. Isaac procured expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.
Mr I Davies acquired a one bedroom apartment in Barlestone in July 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable properties in Barlestone with a long lease were in the region of £245,000. The average amount of ground rent was £50 collected monthly. The lease ran out on 7 October 2093. Having 68 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.
Last May we were phoned by Dr C Torres , who purchased a one bedroom apartment in Barlestone in February 2010. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical residencies in Barlestone with a long lease were worth £285,000. The mid-range amount of ground rent was £55 collected yearly. The lease ended in 2104. Taking into account 79 years as a residual term we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.