On the balance of probabilities if you own a flat in Barton Le Clay you actually own a long leasehold interest over your property
Leasehold premises in Barton Le Clay with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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. |
Lease extensions in Barton Le Clay can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience procuring Barton Le Clay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jackson owned a studio flat in Barton Le Clay being sold with a lease of a few days over 61 years outstanding. Jackson informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jackson to invoke his statutory right. Jackson obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.
In 2010 we were approached by Ms C Walker who, having purchased a studio apartment in Barton Le Clay in November 1996. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Identical homes in Barton Le Clay with an extended lease were valued about £265,000. The mid-range ground rent payable was £55 billed annually. The lease ran out on 27 July 2099. Taking into account 74 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.
Last Summer we were contacted by Mrs G González , who took over the lease of a basement apartment in Barton Le Clay in May 1996. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparative premises in Barton Le Clay with a long lease were valued about £166,400. The mid-range ground rent payable was £60 billed quarterly. The lease expired on 8 February 2079. Having 54 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of expenses.