On the balance of probabilities if you own a flat in Burghfield Common you actually own a long leasehold interest over your property
Leasehold premises in Burghfield Common with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Lease extensions in Burghfield Common can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 a wealth of experience procuring Burghfield Common lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Sebastian, came dangerously near to the eighty-year threshold with the lease on his first floor flat in Burghfield Common. In buying his home two decades ago, the length of the lease was of no bearing. Fortunately, he realised he needed to take steps soon on a lease extension. Sebastian arranged for a lease extension at the eleventh hour last May. Sebastian and the freeholder subsequently agreed on an amount of £5,000 . If the lease had dipped lower than eighty years, the premium would have escalated by at least £1,100.
In 2009 we were e-mailed by Mr and Mrs. W Young who, having was assigned a lease of a garden flat in Burghfield Common in November 2003. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparable residencies in Burghfield Common with 100 year plus lease were worth £264,000. The average amount of ground rent was £60 billed annually. The lease expired on 14 January 2079. Considering the 53 years remaining we approximated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 plus fees.
Last February we were approach by Dr Sebastian King , who owned a basement flat in Burghfield Common in November 2009. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Burghfield Common with a long lease were in the region of £220,400. The mid-range amount of ground rent was £45 billed every twelve months. The lease came to a finish in 2090. Having 64 years left we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of legals.