On the balance of probabilities where you own a flat in Gamlingay you actually own a long leasehold interest over your property
Leasehold properties in Gamlingay with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage 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 |
Retaining our service gives you better control over the value of your Gamlingay leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Jake owned a 2 bedroom apartment in Gamlingay on the market with a lease of fraction over 72 years outstanding. Jake informally contacted his landlord being a well known Manchester-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 subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake procured expert advice and was able to make a more informed decision and handle with the matter and sell the property.
Mr L Edwards was assigned a lease of a garden flat in Gamlingay in May 2011. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparative residencies in Gamlingay with 100 year plus lease were worth £245,000. The average amount of ground rent was £45 collected monthly. The lease elapsed on 9 March 2094. Having 68 years as a residual term we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.
Dr Y Ramírez was assigned a lease of a one bedroom apartment in Gamlingay in September 1995. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparable homes in Gamlingay with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease finished in 2105. Taking into account 79 years outstanding we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.