On the balance of probabilities where you own a flat in Filey you actually own a long leasehold interest over your property
Leasehold residencies in Filey with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| 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 Filey can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Filey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy correspondence with the freeholder of her ground floor apartment in Filey, Molly commenced the lease extension process as the 80 year mark was rapidly coming. The lease extension was finalised in May 2007. The landlord’s fees were negotiated to approximately 550 GBP.
Last Summer we were contacted by Mr and Mrs. H Morris , who moved into a ground floor apartment in Filey in February 1998. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparative premises in Filey with 100 year plus lease were valued around £191,400. The mid-range ground rent payable was £55 collected every twelve months. The lease ran out on 11 April 2079. Taking into account 54 years remaining we approximated the premium to the landlord to extend the lease to be between £34,200 and £39,600 not including costs.
Mr and Mrs. L Bertrand acquired a first floor apartment in Filey in September 2001. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar homes in Filey with an extended lease were valued around £295,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease ran out in 2099. Given that there were 74 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.