Chances are that if you own a flat in Camelford you actually own a long leasehold interest over your property
Leasehold residencies in Camelford with over 100 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 Camelford leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last October Callum, started to get close to the eighty-year threshold with the lease on his garden flat in Camelford. In buying his flat two decades ago, the length of the lease was of minimal importance. Fortunately, he recognised he needed to take steps soon on Extending the lease. Callum was able to extend his lease just under the wire last March. Callum and the landlord in the end agreed on an amount of £6,000 . If the lease had gone to less than 80 years, the figure would have become more costly by a minimum £925.
Last Summer we were contacted by Mr J Bernard , who bought a newly refurbished apartment in Camelford in June 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparative properties in Camelford with 100 year plus lease were in the region of £233,200. The mid-range ground rent payable was £60 collected every twelve months. The lease finished on 16 February 2087. Having 61 years left we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus expenses.
Last Summer we were approach by Ms Courtney Brooks , who acquired a ground floor flat in Camelford in February 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Identical premises in Camelford with a long lease were in the region of £166,800. The mid-range amount of ground rent was £50 invoiced yearly. The lease finished in 2076. Having 50 years unexpired we approximated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus professional charges.