Chances are that if you own a flat in East and West Horsley you actually own a long leasehold interest over your property
Leasehold residencies in East and West Horsley with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| 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 East and West Horsley can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in lease extensions.
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 procuring East and West Horsley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Ibrahim, started to get near to the eighty-year mark with the lease on his ground floor flat in East and West Horsley. In buying his flat two decades ago, the length of the lease was of little interest. Luckily, he became aware that he needed to take steps soon on Extending the lease. Ibrahim arranged for a lease extension just in the nick of time last June. Ibrahim and the freeholder eventually settled on the final figure of £6,000 . If the lease had slid lower than 80 years, the sum would have become more exhorbitant by at least £850.
In 2010 we were called by Mr M Wilson who, having purchased a basement flat in East and West Horsley in February 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar flats in East and West Horsley with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 billed monthly. The lease finished in 2099. Given that there were 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.
Ms Y Thompson purchased a basement apartment in East and West Horsley in November 2004. The question was if we could approximate the price could be to extend the lease by a further 90 years. Comparative flats in East and West Horsley with a long lease were valued about £166,400. The average amount of ground rent was £60 invoiced yearly. The lease terminated on 2 February 2079. Considering the 54 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including professional charges.