On the balance of probabilities where you own a flat in Lakenham you actually own a long leasehold interest over your property
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Coventry Building Society | 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Lakenham can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Lakenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Michael, came precariously near to the eighty-year threshold with the lease on his ground floor apartment in Lakenham. Having purchased his flat two decades ago, the lease term was of little relevance. by good luck, he recognised he needed to take steps soon on a lease extension. Michael was able to extend his lease just in the nick of time in January. Michael and the freeholder via the management company in the end settled on a premium of £6,000 . If the lease had gone to less than eighty years, the amount would have become more costly by at least £1,075.
Last month we were called by Mr Jason Miller , who completed a studio apartment in Lakenham in May 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Identical flats in Lakenham with 100 year plus lease were in the region of £184,000. The average ground rent payable was £55 billed annually. The lease ended in 2079. Taking into account 53 years left we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.
Last Summer we were e-mailed by Dr T Garcia , who purchased a one bedroom apartment in Lakenham in February 2007. The question was if we could approximate the price could be to extend the lease by an additional years. Comparable flats in Lakenham with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 collected per annum. The lease ran out on 10 August 2099. Considering the 73 years remaining we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.