The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Feltwell have the right to extend the lease for an additional 90 years in accordance with legislation. Do think carefully before delaying your Feltwell lease extension. Putting off that expense today simply increases the amount you will ultimately have to pay for a lease extension.
Leasehold premises in Feltwell with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
The conveyancing solicitors that we work with handle Feltwell lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
18 months ago Daniel, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Feltwell. Having purchased his flat 19 years ago, the lease term was of no importance. Thankfully, he recognised he needed to take steps soon on Extending the lease. Daniel was able to extend his lease just in the nick of time last May. Daniel and the landlord who owned the flat above eventually settled on sum of £6,000 . If he had missed the deadline, the premium would have increased by a minimum £950.
Mrs H Mason owned a one bedroom flat in Feltwell in March 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Feltwell with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced yearly. The lease came to a finish in 2105. Having 80 years remaining we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.
Mr and Mrs. C Martinez bought a studio flat in Feltwell in July 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Feltwell with a long lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced yearly. The lease elapsed on 3 January 2085. Given that there were 60 years outstanding we estimated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus professional charges.