On the balance of probabilities if you own a flat in Horsham you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service will provide you enhanced control over the value of your Horsham leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful correspondence with the freeholder of her studio apartment in Horsham, Alisha initiated the lease extension process as the eighty year deadline was fast coming. The lease extension was finalised in September 2006. The landlord’s fees were kept to an absolute minimum.
In 2011 we were called by Dr B Miller who, having completed a purpose-built apartment in Horsham in September 1997. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparative premises in Horsham with an extended lease were worth £218,000. The mid-range ground rent payable was £45 invoiced per annum. The lease lapsed in 2088. Considering the 63 years unexpired we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 not including fees.
Mrs Tia Reed completed a purpose-built flat in Horsham in November 2000. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar premises in Horsham with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 collected every twelve months. The lease elapsed on 18 November 2099. Having 74 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.