On the balance of probabilities if you own a flat in Bonvilston you actually own a long leasehold interest over your property
It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service will provide you increased control over the value of your Bonvilston leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her ground floor apartment in Bonvilston, Kirsty started the lease extension process just as the lease was nearing the all-important 80-year threshold. The lease extension completed in March 2015. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. U Roux moved into a one bedroom flat in Bonvilston in October 2009. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Identical homes in Bonvilston with an extended lease were valued around £265,000. The mid-range ground rent payable was £55 billed yearly. The lease ended in 2100. Considering the 74 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.
Dr Evan Richardson was assigned a lease of a ground floor apartment in Bonvilston in August 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Comparable flats in Bonvilston with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 billed monthly. The lease terminated in 2080. Given that there were 54 years remaining we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including costs.