Flint Mountain leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Flint Mountain tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Flint Mountain you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Flint Mountain leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Lease extensions in Flint Mountain can be a difficult process. We recommend you get guidance from a conveyancer 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 dealing with Flint Mountain lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Ben, came critically close to the eighty-year threshold with the lease on his leasehold flat in Flint Mountain. In buying his flat 19 years previously, the length of the lease was of no interest. Luckily, he recognised he needed to take action soon on a lease extension. Ben extended the lease just in the nick of time last March. Ben and the landlord subsequently settled on an amount of £5,500 . If he not met the deadline, the sum would have increased by a minimum £925.
In 2014 we were contacted by Mrs T Thomas who, having bought a one bedroom apartment in Flint Mountain in August 2001. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Flint Mountain with a long lease were valued about £235,600. The average amount of ground rent was £60 invoiced per annum. The lease concluded in 2087. Considering the 62 years outstanding we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of expenses.
Mr A Laurent moved into a one bedroom flat in Flint Mountain in March 2007. The question was if we could approximate the price could be for a 90 year lease extension. Identical flats in Flint Mountain with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease finished on 22 August 2076. Taking into account 51 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of legals.