On the balance of probabilities where you own a flat in Hilton you actually own a long leasehold interest over your property
Leasehold properties in Hilton with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| 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. |
| Chelsea 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Hilton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hilton valuers.
During the course of the last few months Stanley, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Hilton. Having bought his property twenty years previously, the length of the lease was of little significance. by good luck, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Stanley arranged for a lease extension just under the wire in September. Stanley and the freeholder subsequently settled on an amount of £5,000 . If he not met the deadline, the figure would have gone up by a minimum £1,025.
In 2013 we were approached by Mr U Fournier who, having bought a one bedroom apartment in Hilton in March 2000. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Comparable homes in Hilton with a long lease were in the region of £173,800. The mid-range ground rent payable was £65 collected monthly. The lease terminated on 8 April 2080. Given that there were 55 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus expenses.
Dr Stephanie Bertrand completed a garden apartment in Hilton in October 1995. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical homes in Hilton with a long lease were in the region of £235,200. The average amount of ground rent was £45 billed per annum. The lease terminated on 15 April 2091. Having 66 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.