Chances are that where you own a flat in Everton you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Retaining our service gives you better control over the value of your Everton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Mason, started to get near to the eighty-year threshold with the lease on his studio flat in Everton. Having bought his flat two decades ago, the lease term was of no significance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Mason arranged for a lease extension just in the nick of time last April. Mason and the landlord ultimately agreed on an amount of £5,000 . If he failed to meet the deadline, the sum would have become more costly by at least £1,125.
Mr Logan Laurent purchased a basement apartment in Everton in October 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Everton with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 billed yearly. The lease elapsed in 2096. Given that there were 71 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.
Dr S Laurent completed a ground floor flat in Everton in July 2003. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparative flats in Everton with a long lease were in the region of £254,200. The average ground rent payable was £60 billed quarterly. The lease terminated on 22 November 2076. Having 51 years unexpired we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus costs.