On the balance of probabilities if you own a flat in Baschurch you actually own a long leasehold interest over your property
Leasehold premises in Baschurch with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service gives you better control over the value of your Baschurch leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last year Tommy, came very near to the eighty-year threshold with the lease on his garden apartment in Baschurch. Having bought his home two decades ago, the length of the lease was of minimal interest. Luckily, he became aware that he would imminently be paying way over the odds for Extending the lease. Tommy was able to extend his lease at the eleventh hour last May. Tommy and the landlord ultimately settled on the final figure of £6,000 . If he had missed the deadline, the price would have increased by a minimum £850.
Last year we were phoned by Dr Owen Moore , who was assigned a lease of a ground floor flat in Baschurch in March 1995. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparable properties in Baschurch with a long lease were worth £254,200. The average ground rent payable was £60 collected monthly. The lease came to a finish on 12 February 2077. Taking into account 51 years unexpired we approximated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of expenses.
In 2011 we were called by Mr N Lee who, having completed a garden flat in Baschurch in October 2006. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Baschurch with 100 year plus lease were worth £210,600. The average amount of ground rent was £45 billed monthly. The lease finished in 2088. Considering the 62 years remaining we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.