The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Burton Latimer can extend the lease for a further 90 years under legislation. Please think carefully before delaying your Burton Latimer lease extension. Putting off the costs now simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold properties in Burton Latimer with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Burton Latimer,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Burton Latimer valuers.
Trailing protracted discussions with the freeholder of her one bedroom apartment in Burton Latimer, Shannon commenced the lease extension process as the eighty year threshold was swiftly coming. The transaction was finalised in March 2006. The landlord’s costs were restricted to slightly above 500 pounds.
Last Summer we were e-mailed by Dr Jonathan Hall , who moved into a studio apartment in Burton Latimer in August 1998. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Similar properties in Burton Latimer with an extended lease were worth £183,600. The mid-range amount of ground rent was £65 collected quarterly. The lease terminated on 23 April 2083. Given that there were 57 years remaining we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus professional charges.
Mr and Mrs. T Morel bought a basement flat in Burton Latimer in April 2005. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Similar residencies in Burton Latimer with 100 year plus lease were worth £245,000. The average amount of ground rent was £50 billed quarterly. The lease came to a finish in 2094. Having 68 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.