On the balance of probabilities if you own a flat in Garston you actually own a long leasehold interest over your property
Leasehold premises in Garston with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Engaging our service will provide you better control over the value of your Garston leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted correspondence with the freeholder of her studio apartment in Garston, Georgia started the lease extension process just as her lease was coming close to the critical eighty-year mark. The legal work was finalised in November 2012. The freeholder’s charges were kept to an absolute minimum.
In 2014 we were called by Mr Dexter Martinez who, having acquired a studio apartment in Garston in August 1998. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical homes in Garston with 100 year plus lease were in the region of £174,200. The mid-range amount of ground rent was £55 collected per annum. The lease ran out on 20 September 2077. Considering the 51 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including professional charges.
Mr and Mrs. S Ricardo acquired a studio apartment in Garston in May 2010. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparable residencies in Garston with 100 year plus lease were in the region of £285,000. The average ground rent payable was £45 billed every twelve months. The lease termination date was on 10 October 2097. Taking into account 71 years remaining we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.