Chances are that where you own a flat in Caergwrle you actually own a long leasehold interest over your property
Leasehold residencies in Caergwrle with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a freeholder in Caergwrle,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Caergwrle valuers.
Subsequent to lengthy negotiations with the freeholder of her studio apartment in Caergwrle, Tia started the lease extension process just as her lease was nearing the critical 80-year mark. The transaction was finalised in June 2015. The freeholder’s charges were kept to an absolute minimum.
Mr D Jackson was assigned a lease of a one bedroom flat in Caergwrle in June 1998. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Caergwrle with an extended lease were worth £189,000. The average amount of ground rent was £55 collected per annum. The lease concluded on 8 October 2078. Having 53 years left we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.
Last Christmas we were contacted by Mrs A Sharif , who moved into a one bedroom apartment in Caergwrle in September 2007. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable residencies in Caergwrle with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 billed monthly. The lease ran out in 2098. Given that there were 73 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.