Burton upon Trent residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.
Leasehold premises in Burton upon Trent with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Burton upon Trent can be a difficult process. We recommend you secure professional help from a lawyer 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 in-depth market knowledge procuring Burton upon Trent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the freeholder of her first floor flat in Burton upon Trent, Rhiannon started the lease extension process as the eighty year deadline was rapidly advancing. The lease extension completed in November 2013. The landlord’s charges were kept to an absolute minimum.
In 2010 we were called by Mr and Mrs. V Williams who, having was assigned a lease of a one bedroom flat in Burton upon Trent in January 2000. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Identical residencies in Burton upon Trent with a long lease were valued about £223,400. The average amount of ground rent was £60 collected every twelve months. The lease ran out in 2085. Given that there were 59 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 plus fees.
Last Summer we were phoned by Mr and Mrs. A Wood , who moved into a first floor flat in Burton upon Trent in April 2000. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical premises in Burton upon Trent with a long lease were valued about £205,000. The mid-range ground rent payable was £50 collected yearly. The lease expired in 2105. Having 79 years outstanding we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.