Chances are that if you own a flat in Blakedown you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Blakedown can be a difficult process. We recommend you get professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Blakedown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the freeholder of her leasehold flat in Blakedown, Gemma initiated the lease extension process just as the lease was nearing the crucial 80-year mark. The legal work was finalised in January 2013. The landlord’s fees were kept to an absolute minimum.
In 2010 we were approached by Mr and Mrs. F Johnson who, having acquired a ground floor flat in Blakedown in April 2002. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical flats in Blakedown with 100 year plus lease were valued about £255,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease end date was on 26 July 2097. Taking into account 71 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.
Last Winter we were approach by Mr and Mrs. P Stewart , who completed a garden flat in Blakedown in October 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in Blakedown with a long lease were worth £249,200. The average ground rent payable was £60 billed every twelve months. The lease expired in 2077. Given that there were 51 years remaining we calculated the premium to the landlord for the lease extension to be within £42,800 and £49,400 exclusive of fees.