Chances are that if you own a flat in Belton you actually own a long leasehold interest over your property
Leasehold properties in Belton with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Belton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Belton valuers.
Two years ago Benjamin, came critically near to the 80-year mark with the lease on his leasehold apartment in Belton. In buying his home 18 years ago, the unexpired term was of little significance. Luckily, he recognised he would imminently be paying an escalated premium for a lease extension. Benjamin was able to extend his lease just under the wire last January. Benjamin and the freeholder via the management company in the end agreed on sum of £5,000 . If the lease had gone to less than 80 years, the sum would have escalated by at least £1,125.
In 2012 we were e-mailed by Mr and Mrs. J Jackson who, having moved into a first floor apartment in Belton in July 2007. The question was if we could estimate the premium would be to prolong the lease by ninety years. Comparable properties in Belton with a long lease were valued around £210,000. The mid-range ground rent payable was £50 billed per annum. The lease concluded on 21 July 2105. Having 80 years unexpired we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.
In 2014 we were approached by Mr and Mrs. N Ramírez who, having took over the lease of a studio apartment in Belton in September 2011. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Comparable flats in Belton with an extended lease were valued about £275,000. The average amount of ground rent was £45 collected yearly. The lease lapsed in 2094. Given that there were 69 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.