On the balance of probabilities if you own a flat in Bilborough you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Bilborough can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Bilborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Kian, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Bilborough. In buying his flat two decades ago, the length of the lease was of minimal interest. As luck would have it, he realised he would imminently be paying an inflated amount for a lease extension. Kian was able to extend his lease just in the nick of time last August. Kian and the landlord who owned the flat above ultimately settled on the final figure of £6,000 . If he not met the deadline, the premium would have gone up by a minimum £1,050.
In 2009 we were e-mailed by Mr and Mrs. U Hernández who, having bought a first floor apartment in Bilborough in March 1998. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Identical properties in Bilborough with 100 year plus lease were valued around £240,600. The mid-range ground rent payable was £65 invoiced monthly. The lease expiry date was on 4 November 2087. Given that there were 62 years unexpired we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of costs.
Dr O Fournier bought a garden flat in Bilborough in July 2007. The dilemma was if we could approximate the premium would be to extend the lease by a further 90 years. Identical properties in Bilborough with an extended lease were worth £181,600. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed in 2077. Having 52 years left we calculated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of professional charges.