Chances are that if you own a flat in East Boldon you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service gives you enhanced control over the value of your East Boldon leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the landlord of her two bedroom flat in East Boldon, Anna initiated the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work was finalised in January 2015. The freeholder’s costs were kept to an absolute minimum.
Dr Ollie González purchased a recently refurbished apartment in East Boldon in July 2002. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Identical residencies in East Boldon with an extended lease were valued about £166,400. The average ground rent payable was £60 billed every twelve months. The lease came to a finish on 26 January 2079. Given that there were 54 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including expenses.
Last Christmas we were approach by Mrs Isabel André , who bought a first floor flat in East Boldon in November 2010. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Identical properties in East Boldon with a long lease were worth £232,800. The average amount of ground rent was £45 invoiced annually. The lease end date was on 27 June 2090. Given that there were 65 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.