On the balance of probabilities if you own a flat in Barton Upon Humber you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Barton Upon Humber,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Barton Upon Humber valuers.
Last October Ibrahim, came dangerously near to the 80-year mark with the lease on his first floor apartment in Barton Upon Humber. In buying his flat two decades ago, the length of the lease was of minimal relevance. by good luck, it dawned on him that he would soon be paying way over the odds for a lease extension. Ibrahim extended the lease just in the nick of time in April. Ibrahim and the freeholder via the management company in the end settled on an amount of £6,000 . If the lease had slid to less than 80 years, the sum would have gone up by a minimum £1,025.
Last Christmas we were phoned by Mrs D Mercier , who owned a newly refurbished apartment in Barton Upon Humber in February 2005. We are asked if we could estimate the price could be to prolong the lease by an additional years. Similar premises in Barton Upon Humber with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 collected yearly. The lease finished in 2092. Considering the 67 years remaining we calculated the premium to the landlord to extend the lease to be within £11,400 and £13,200 plus fees.
Mr and Mrs. K King completed a basement flat in Barton Upon Humber in July 2010. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Comparable flats in Barton Upon Humber with a long lease were in the region of £280,000. The average ground rent payable was £55 billed annually. The lease lapsed in 2103. Given that there were 78 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.