Chances are that if you own a flat in Burton Bradstock you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 be at least 75 years plus the term of the mortgage at the outset 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 |
Retaining our service will provide you increased control over the value of your Burton Bradstock leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful discussions with the landlord of her purpose-built apartment in Burton Bradstock, Sian initiated the lease extension process just as her lease was coming close to the crucial 80-year mark. The lease extension completed in March 2008. The landlord’s charges were restricted to below 650 pounds.
Last year we were e-mailed by Mr and Mrs. K Michel , who moved into a one bedroom apartment in Burton Bradstock in October 1995. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical homes in Burton Bradstock with a long lease were valued around £242,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease expiry date was on 28 June 2093. Considering the 67 years outstanding we approximated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus expenses.
In 2010 we were contacted by Ms N André who, having acquired a one bedroom flat in Burton Bradstock in January 2003. The question was if we could approximate the premium would be to extend the lease by ninety years. Identical flats in Burton Bradstock with a long lease were in the region of £280,000. The average amount of ground rent was £55 collected quarterly. The lease came to a finish on 18 July 2104. Taking into account 78 years remaining we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.