On the balance of probabilities where you own a flat in Lakenheath you actually own a long leasehold interest over your property
Leasehold residencies in Lakenheath with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Lease extensions in Lakenheath can be a difficult process. We recommend you obtain 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 in-depth market knowledge procuring Lakenheath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her one bedroom apartment in Lakenheath, Rachel initiated the lease extension process as the 80 year threshold was quickly nearing. The transaction completed in September 2007. The landlord’s charges were kept to an absolute minimum.
Dr Emma David acquired a one bedroom flat in Lakenheath in August 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Lakenheath with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 billed every twelve months. The lease lapsed in 2076. Considering the 51 years left we approximated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of legals.
In 2013 we were contacted by Dr G Thomas who, having was assigned a lease of a studio flat in Lakenheath in March 2008. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable properties in Lakenheath with a long lease were in the region of £210,600. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish in 2087. Taking into account 62 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus legals.