Chances are that if you own a flat in Borough Green you actually own a long leasehold interest over your property
Leasehold premises in Borough Green with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 service charges merit it.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Borough Green,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Borough Green valuers.
In 2014 Luke, came critically close to the eighty-year mark with the lease on his studio apartment in Borough Green. Having bought his home two decades ago, the length of the lease was of no significance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Luke arranged for a lease extension just under the wire last August. Luke and the landlord subsequently agreed on an amount of £5,000 . If he not met the deadline, the figure would have escalated by a minimum £975.
In 2014 we were e-mailed by Mr and Mrs. T Stewart who, having bought a garden flat in Borough Green in May 2000. The question was if we could estimate the premium could be to extend the lease by ninety years. Comparative premises in Borough Green with an extended lease were valued about £200,800. The average ground rent payable was £65 invoiced quarterly. The lease ran out on 12 October 2086. Having 60 years unexpired we estimated the premium to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of costs.
Last Spring we were e-mailed by Mr Finn Torres , who owned a studio flat in Borough Green in July 2006. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Borough Green with an extended lease were in the region of £255,000. The average amount of ground rent was £50 billed monthly. The lease ended in 2097. Considering the 71 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.