For anyone whose Flamborough property is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension.
Leasehold properties in Flamborough with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
Lender | Requirement |
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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. |
Birmingham Midshires | 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. |
TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Flamborough can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 Flamborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy discussions with the landlord of her leasehold apartment in Flamborough, Kirsty initiated the lease extension process as the eighty year mark was fast approaching. The legal work was concluded in May 2009. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. J Thomas took over the lease of a studio flat in Flamborough in April 2011. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar flats in Flamborough with an extended lease were worth £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease elapsed on 14 September 2092. Considering the 67 years unexpired we approximated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 plus professional charges.
Last August we were phoned by Mr Hugo Cooper , who was assigned a lease of a studio apartment in Flamborough in May 1998. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparable premises in Flamborough with 100 year plus lease were valued about £201,200. The average amount of ground rent was £55 billed monthly. The lease expiry date was on 22 August 2081. Given that there were 56 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus expenses.