On the balance of probabilities if you own a flat in Bourton on the Water you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| 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. |
| 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. |
Lease extensions in Bourton on the Water can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Bourton on the Water lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
George was the the leasehold proprietor of a high value flat in Bourton on the Water on the market with a lease of a few days over 72 years unexpired. George informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were George to invoke his statutory right. George obtained expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Mr N Rose moved into a studio flat in Bourton on the Water in August 2011. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Similar residencies in Bourton on the Water with an extended lease were worth £166,400. The average amount of ground rent was £60 billed yearly. The lease came to a finish in 2080. Taking into account 54 years outstanding we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including fees.
In 2010 we were called by Mr and Mrs. I Petit who, having purchased a ground floor apartment in Bourton on the Water in November 2005. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Similar homes in Bourton on the Water with 100 year plus lease were in the region of £227,800. The mid-range ground rent payable was £45 collected yearly. The lease concluded in 2091. Considering the 65 years remaining we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.