On the balance of probabilities where you own a flat in Felpham you actually own a long leasehold interest over your property
Leasehold premises in Felpham with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
Retaining our service gives you enhanced control over the value of your Felpham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy correspondence with the landlord of her first floor apartment in Felpham, Francesca commenced the lease extension process just as the lease was approaching the all-important 80-year deadline. The lease extension was finalised in February 2006. The freeholder’s fees were restricted to under six hundred pounds.
Last month we were approach by Mr and Mrs. J Rose , who completed a first floor flat in Felpham in February 2010. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Identical properties in Felpham with 100 year plus lease were valued around £250,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed in 2095. Taking into account 69 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.
Dr S Howard was assigned a lease of a newly refurbished apartment in Felpham in June 2007. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Identical premises in Felpham with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £55 billed annually. The lease concluded in 2106. Given that there were 80 years outstanding we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.