Chances are that if you own a flat in Easthampstead you actually own a long leasehold interest over your property
Leasehold properties in Easthampstead with over one hundred 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 premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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. |
Regardless of whether you are a tenant or a landlord in Easthampstead,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Easthampstead valuers.
Kyle owned a studio flat in Easthampstead on the market with a lease of just over 61 years left. Kyle on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.
Mr and Mrs. D Johnson was assigned a lease of a purpose-built flat in Easthampstead in August 2008. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical homes in Easthampstead with a long lease were valued around £191,400. The average ground rent payable was £55 invoiced every twelve months. The lease expired on 23 June 2080. Given that there were 54 years remaining we estimated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 not including expenses.
Ms Stephanie Bernard bought a one bedroom apartment in Easthampstead in October 2002. The question was if we could estimate the premium could be to prolong the lease by an additional years. Identical properties in Easthampstead with an extended lease were worth £295,000. The mid-range ground rent payable was £45 billed yearly. The lease concluded in 2100. Having 74 years unexpired we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.