On the balance of probabilities if you own a flat in Ditchling you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Lease extensions in Ditchling can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge dealing with Ditchling lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her garden apartment in Ditchling, Leah started the lease extension process as the 80 year mark was swiftly nearing. The legal work completed in June 2007. The freeholder’s fees were negotiated to approximately 550 pounds.
Last Autumn we were approach by Ms Bethan Lefèvre , who bought a ground floor flat in Ditchling in September 2004. We are asked if we could approximate the price could be to prolong the lease by 90 years. Identical residencies in Ditchling with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease terminated in 2094. Taking into account 68 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.
Dr R Hill bought a one bedroom flat in Ditchling in April 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Ditchling with an extended lease were valued about £285,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease terminated in 2105. Taking into account 79 years unexpired we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.