On the balance of probabilities where you own a flat in Kings Heath you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Kings Heath can be a difficult process. We recommend you get professional help from a conveyancer 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 in-depth market knowledge procuring Kings Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her first floor flat in Kings Heath, Georgia commenced the lease extension process as the eighty year deadline was rapidly advancing. The legal work was concluded in April 2015. The landlord’s charges were kept to an absolute minimum.
In 2010 we were contacted by Mr and Mrs. E Rogers who, having bought a recently refurbished apartment in Kings Heath in May 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable residencies in Kings Heath with a long lease were in the region of £213,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease ran out on 18 October 2082. Having 57 years remaining we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus professional charges.
In 2014 we were phoned by Mrs Abbie James who, having took over the lease of a recently refurbished flat in Kings Heath in November 2000. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical properties in Kings Heath with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 invoiced every twelve months. The lease finished on 8 October 2102. Considering the 77 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.