The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Lakenheath can extend the lease for an additional 90 years in accordance with statute. Please think carefully before delaying your Lakenheath lease extension. Shelving the costs today simply increases the amount you will eventually be required to pay for a lease extension.
Leasehold residencies in Lakenheath with over one hundred years left 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
Using our service will provide you enhanced control over the value of your Lakenheath leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of lengthy discussions with the landlord of her two bedroom apartment in Lakenheath, Madeleine commenced the lease extension process as the eighty year threshold was fast approaching. The lease extension was finalised in October 2005. The freeholder’s fees were negotiated to less than 600 GBP.
Dr Danielle Richardson purchased a recently refurbished flat in Lakenheath in November 2011. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable residencies in Lakenheath with a long lease were worth £264,000. The average amount of ground rent was £60 invoiced yearly. The lease came to a finish in 2079. Taking into account 53 years unexpired we calculated the premium to the landlord to extend the lease to be between £37,100 and £42,800 plus fees.
Last Spring we were contacted by Mr and Mrs. M Fournier , who moved into a garden apartment in Lakenheath in July 2001. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Identical premises in Lakenheath with a long lease were in the region of £225,400. The average ground rent payable was £45 invoiced quarterly. The lease ran out in 2090. Taking into account 64 years left we calculated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 plus fees.