On the balance of probabilities where you own a flat in Disley you actually own a long leasehold interest over your property
Leasehold residencies in Disley with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
|Barclays plc||Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.|
|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.|
|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.|
|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.|
Using our service gives you better control over the value of your Disley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Max was the the leasehold proprietor of a 2 bedroom apartment in Disley on the market with a lease of just over 59 years unexpired. Max informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Max to invoke his statutory right. Max obtained expert advice and secured an acceptable deal informally and sell the property.
Mr Nathan Girard purchased a basement flat in Disley in November 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Similar homes in Disley with 100 year plus lease were worth £200,000. The average ground rent payable was £50 billed annually. The lease ended on 6 November 2098. Given that there were 77 years left we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.
Dr E Parker completed a garden apartment in Disley in August 2007. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative flats in Disley with a long lease were in the region of £265,200. The average ground rent payable was £65 billed yearly. The lease lapsed in 2087. Considering the 66 years remaining we estimated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including legals.