The only way is down when it comes to Burton Latimer lease terms. Burton Latimer properties that have a lease term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.
Leasehold properties in Burton Latimer with in excess of one hundred years remaining 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Burton Latimer,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Burton Latimer valuers.
Tommy owned a studio flat in Burton Latimer on the market with a lease of a little over 61 years remaining. Tommy on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be due on a lease extension were Tommy to exercise his statutory right. Tommy procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Last Spring we were e-mailed by Mrs K Leroy , who bought a one bedroom apartment in Burton Latimer in April 2001. The dilemma was if we could approximate the price would likely be to prolong the lease by an additional years. Identical homes in Burton Latimer with a long lease were valued around £250,000. The average amount of ground rent was £50 collected per annum. The lease expired on 10 May 2095. Given that there were 69 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.
Mr and Mrs. N Gray moved into a newly refurbished apartment in Burton Latimer in May 2003. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative properties in Burton Latimer with 100 year plus lease were valued around £290,000. The average ground rent payable was £60 billed annually. The lease ended in 2106. Considering the 80 years remaining we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.