Chances are that where you own a flat in Blackwell you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Blackwell,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Blackwell valuers.
Following unsuccessful negotiations with the landlord of her two bedroom flat in Blackwell, Megan commenced the lease extension process as the eighty year mark was quickly advancing. The lease extension was finalised in October 2013. The landlord’s charges were restricted to under 600 GBP.
In 2012 we were called by Dr Theo Phillips who, having purchased a one bedroom apartment in Blackwell in April 1996. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Identical residencies in Blackwell with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced annually. The lease expired on 28 May 2104. Having 78 years remaining we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of expenses.
Ms P Sánchez was assigned a lease of a first floor apartment in Blackwell in September 2012. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Similar premises in Blackwell with 100 year plus lease were valued around £191,000. The average amount of ground rent was £65 collected yearly. The lease concluded in 2084. Considering the 58 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 plus professional charges.