Burton upon Stather leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease drops lower than 80 years - otherwise a higher premium will be payable. Flat owners in Burton upon Stather will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are prescribed deadlines and formalities to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
Leasehold premises in Burton upon Stather with in excess of one hundred 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service will provide you enhanced control over the value of your Burton upon Stather leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of unsuccessful negotiations with the landlord of her purpose-built apartment in Burton upon Stather, Naomi started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was finalised in November 2012. The landlord’s costs were negotiated to about 500 GBP.
In 2010 we were approached by Mr and Mrs. C Walker who, having purchased a basement apartment in Burton upon Stather in November 2008. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Identical residencies in Burton upon Stather with 100 year plus lease were worth £275,000. The average amount of ground rent was £65 invoiced quarterly. The lease ran out on 19 June 2093. Considering the 68 years remaining we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.
Ms H Bennett owned a ground floor flat in Burton upon Stather in April 2012. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Burton upon Stather with 100 year plus lease were worth £208,600. The average amount of ground rent was £60 invoiced annually. The lease ran out on 11 August 2082. Taking into account 57 years outstanding we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of expenses.