Chances are that if you own a flat in Hinton St George you actually own a long leasehold interest over your property
Leasehold premises in Hinton St George with in excess of 100 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| Yorkshire 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. |
The lawyers that we work with procure Hinton St George 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.
After protracted discussions with the freeholder of her two bedroom apartment in Hinton St George, Katie started the lease extension process as the 80 year deadline was quickly approaching. The lease extension was finalised in July 2012. The freeholder’s fees were kept to an absolute minimum.
Last month we were e-mailed by Ms Amber Khan , who bought a studio flat in Hinton St George in September 2002. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Hinton St George with a long lease were worth £223,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease finished in 2085. Taking into account 59 years left we estimated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 exclusive of legals.
Dr Kian Cook acquired a newly refurbished apartment in Hinton St George in October 2002. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical flats in Hinton St George with a long lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease expiry date was on 14 May 2105. Considering the 79 years left we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.