Chances are that if you own a flat in Chapel Allerton you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you better control over the value of your Chapel Allerton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last year Ibrahim, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Chapel Allerton. In buying his flat 18 years ago, the lease term was of little interest. by good luck, he became aware that he would soon be paying an inflated amount for Extending the lease. Ibrahim arranged for a lease extension just in the nick of time last June. Ibrahim and the freeholder via the management company ultimately settled on the final figure of £5,500 . If he had missed the deadline, the figure would have increased by a minimum £900.
In 2010 we were called by Mr and Mrs. N Gómez who, having acquired a garden flat in Chapel Allerton in September 1998. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Comparable homes in Chapel Allerton with a long lease were in the region of £200,000. The average ground rent payable was £50 billed quarterly. The lease expired on 17 October 2103. Having 77 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.
In 2009 we were approached by Mr Theo Rogers who, having bought a ground floor apartment in Chapel Allerton in September 1999. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical homes in Chapel Allerton with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease expired on 14 May 2092. Taking into account 66 years outstanding we approximated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 not including legals.