Chances are that if you own a flat in Everton you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Everton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Everton valuers.
Two years ago Jamie, started to get close to the eighty-year threshold with the lease on his first floor flat in Everton. Having purchased his flat two decades ago, the lease term was of no relevance. Luckily, he noticed he would soon be paying way over the odds for Extending the lease. Jamie extended the lease at the eleventh hour in September. Jamie and the landlord in the end agreed on the final figure of £6,000 . If the lease had fallen to less than 80 years, the premium would have increased by at least £1,050.
In 2011 we were contacted by Dr Henry Kelly who, having owned a first floor flat in Everton in August 2011. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Identical homes in Everton with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 billed every twelve months. The lease ended on 9 January 2103. Taking into account 77 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.
Mr and Mrs. N Parker purchased a studio flat in Everton in November 2001. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparative flats in Everton with a long lease were valued about £183,600. The mid-range ground rent payable was £65 billed yearly. The lease came to a finish in 2083. Taking into account 57 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of costs.