On the balance of probabilities if you own a flat in Creekmouth you actually own a long leasehold interest over your property
Leasehold residencies in Creekmouth with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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; |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Creekmouth can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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 a wealth of experience procuring Creekmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Toby, started to get close to the 80-year mark with the lease on his one bedroom apartment in Creekmouth. Having bought his property two decades ago, the length of the lease was of minimal bearing. Fortunately, he recognised he would soon be paying way over the odds for a lease extension. Toby was able to extend his lease at the eleventh hour last March. Toby and the freeholder via the managing agents subsequently agreed on sum of £5,000 . If he failed to meet the deadline, the figure would have increased by a minimum £900.
Mr and Mrs. F Gómez owned a one bedroom apartment in Creekmouth in April 1996. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable flats in Creekmouth with a long lease were in the region of £250,000. The mid-range ground rent payable was £50 collected per annum. The lease concluded on 11 October 2093. Given that there were 68 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.
An example of a Lease Extension case for a Creekmouth property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired term was 69.77 years.