Chances are that if you own a flat in Frodsham you actually own a long leasehold interest over your property
Leasehold residencies in Frodsham with more than one hundred years outstanding 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | 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. |
| Godiva Mortgages | 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 |
Lease extensions in Frodsham can be a difficult process. We recommend you obtain guidance from a conveyancer 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 Frodsham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eliot owned a conversion apartment in Frodsham being sold with a lease of fraction over fifty eight years outstanding. Eliot informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Eliot to invoke his statutory right. Eliot obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.
In 2009 we were approached by Mr and Mrs. S Richardson who, having took over the lease of a one bedroom apartment in Frodsham in June 2006. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Similar properties in Frodsham with 100 year plus lease were in the region of £171,800. The mid-range amount of ground rent was £55 billed per annum. The lease ran out on 28 January 2076. Considering the 50 years left we approximated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 plus legals.
Last Christmas we were called by Dr Imogen Roberts , who moved into a newly refurbished apartment in Frodsham in August 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Frodsham with an extended lease were valued about £280,000. The average ground rent payable was £45 billed yearly. The lease finished on 15 February 2096. Given that there were 70 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.