On the balance of probabilities where you own a flat in East Hunsbury you actually own a long leasehold interest over your property
It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Retaining our service will provide you enhanced control over the value of your East Hunsbury leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Omar, came dangerously close to the eighty-year threshold with the lease on his purpose- built apartment in East Hunsbury. In buying his home two decades ago, the unexpired term was of no bearing. by good luck, he recognised he needed to take steps soon on Extending the lease. Omar extended the lease at the eleventh hour in January. Omar and the landlord in the end settled on a premium of £5,500 . If the lease had dipped lower than 80 years, the sum would have increased by a minimum £900.
Mrs Bethany Scott took over the lease of a ground floor flat in East Hunsbury in November 2001. The question was if we could approximate the price would be to prolong the lease by a further 90 years. Identical properties in East Hunsbury with 100 year plus lease were worth £168,800. The mid-range amount of ground rent was £60 billed monthly. The lease expired on 10 August 2081. Given that there were 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including fees.
Last Spring we were called by Dr D Morel , who took over the lease of a recently refurbished flat in East Hunsbury in June 2011. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Comparable residencies in East Hunsbury with an extended lease were worth £235,200. The average ground rent payable was £45 collected yearly. The lease concluded on 19 January 2092. Taking into account 66 years remaining we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.