On the balance of probabilities if you own a flat in Kibworth Beauchamp you actually own a long leasehold interest over your property
Leasehold residencies in Kibworth Beauchamp with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Kibworth Beauchamp can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Kibworth Beauchamp lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the landlord of her ground floor apartment in Kibworth Beauchamp, Victoria commenced the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work completed in March 2009. The landlord’s fees were kept to an absolute minimum.
In 2009 we were e-mailed by Mrs Chantelle Bennett who, having took over the lease of a purpose-built flat in Kibworth Beauchamp in May 2007. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative homes in Kibworth Beauchamp with 100 year plus lease were in the region of £198,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended on 25 March 2081. Considering the 55 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 not including professional charges.
Last Autumn we were called by Dr Cameron Simon , who moved into a one bedroom apartment in Kibworth Beauchamp in January 2008. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Comparative residencies in Kibworth Beauchamp with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 invoiced quarterly. The lease lapsed in 2101. Given that there were 75 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.