Chances are that if you own a flat in Fenton you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Fenton can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Fenton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Evan, came very near to the eighty-year threshold with the lease on his garden apartment in Fenton. Having bought his home two decades ago, the unexpired term was of little concern. Luckily, he realised he needed to take steps soon on Extending the lease. Evan extended the lease at the eleventh hour last August. Evan and the freeholder subsequently settled on a premium of £5,500 . If he not met the deadline, the amount would have become more costly by at least £1,150.
Mr Dexter Bonnet moved into a ground floor flat in Fenton in October 2000. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar flats in Fenton with 100 year plus lease were worth £270,000. The average ground rent payable was £55 collected annually. The lease expiry date was on 15 April 2100. Having 75 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.
Last September we were contacted by Dr T Vincent , who bought a one bedroom apartment in Fenton in August 1996. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparable flats in Fenton with 100 year plus lease were worth £173,800. The average ground rent payable was £60 billed quarterly. The lease lapsed in 2080. Taking into account 55 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.