The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Blakedown can extend the lease for a further 90 years in accordance with legislation. Please think carefully before delaying your Blakedown lease extension. Postponing that expense today simply increases the amount you will eventually have to pay for a lease extension.
Leasehold premises in Blakedown with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service gives you enhanced control over the value of your Blakedown leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful negotiations with the freeholder of her two bedroom flat in Blakedown, Shannon started the lease extension process just as her lease was nearing the all-important 80-year mark. The lease extension completed in January 2006. The freeholder’s fees were negotiated to below 600 pounds.
Mr and Mrs. K Bertrand completed a one bedroom apartment in Blakedown in August 1999. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical premises in Blakedown with an extended lease were worth £220,400. The mid-range amount of ground rent was £45 collected yearly. The lease lapsed on 10 September 2089. Considering the 64 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of professional charges.
Last month we were e-mailed by Mr and Mrs. F Norbert , who was assigned a lease of a one bedroom apartment in Blakedown in August 2010. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative properties in Blakedown with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 billed every twelve months. The lease came to a finish in 2100. Given that there were 75 years remaining we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.