Chances are that if you own a flat in Finningley you actually own a long leasehold interest over your property
Leasehold premises in Finningley with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| 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. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Finningley can be a difficult process. We recommend you get guidance from a conveyancer 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 Finningley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Ibrahim, started to get close to the eighty-year mark with the lease on his studio flat in Finningley. In buying his home two decades ago, the length of the lease was of no significance. Thankfully, he noticed he needed to take action soon on Extending the lease. Ibrahim arranged for a lease extension at the eleventh hour last May. Ibrahim and the landlord subsequently agreed on an amount of £5,000 . If he not met the deadline, the price would have increased by a minimum £1,100.
Last Spring we were approach by Mr and Mrs. F Bonnet , who bought a basement apartment in Finningley in November 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative homes in Finningley with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 billed yearly. The lease came to a finish on 23 March 2098. Having 73 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.
Last Autumn we were called by Dr W Brown , who took over the lease of a garden apartment in Finningley in June 2010. We are asked if we could approximate the price could be for a 90 year lease extension. Comparative residencies in Finningley with an extended lease were worth £240,600. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed in 2087. Considering the 62 years left we calculated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 not including costs.