Flint Mountain residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.
Leasehold properties in Flint Mountain with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| The Mortgage Works |
The conveyancing solicitors that we work with undertake Flint Mountain lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Arthur was the the leasehold proprietor of a conversion flat in Flint Mountain being sold with a lease of fraction over 61 years unexpired. Arthur informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Arthur to exercise his statutory right. Arthur procured expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.
Last Summer we were called by Mr and Mrs. N Rogers , who completed a purpose-built flat in Flint Mountain in August 2012. We are asked if we could approximate the price would be for a 90 year extension to my lease. Similar residencies in Flint Mountain with 100 year plus lease were in the region of £225,800. The mid-range ground rent payable was £60 billed per annum. The lease ran out in 2086. Having 60 years left we approximated the premium to the landlord to extend the lease to be within £23,800 and £27,400 not including costs.
Mr John Stewart bought a one bedroom flat in Flint Mountain in March 1997. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable flats in Flint Mountain with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease concluded on 2 August 2106. Taking into account 80 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.