On the balance of probabilities if you own a flat in Leigh you actually own a long leasehold interest over your property
Leasehold properties in Leigh with more than 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Leigh can be a difficult process. We recommend you secure professional help 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 a wealth of experience dealing with Leigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the landlord of her ground floor apartment in Leigh, Shannon started the lease extension process as the 80 year threshold was quickly advancing. The legal work completed in June 2005. The freeholder’s fees were kept to an absolute minimum.
Last Winter we were e-mailed by Mr and Mrs. E Turner , who took over the lease of a first floor flat in Leigh in May 2007. The question was if we could approximate the premium would likely be to prolong the lease by ninety years. Comparable flats in Leigh with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease terminated in 2102. Given that there were 76 years remaining we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.
Ms S Harris owned a one bedroom flat in Leigh in January 2008. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Comparative residencies in Leigh with an extended lease were in the region of £257,800. The average ground rent payable was £65 billed per annum. The lease elapsed on 26 July 2091. Taking into account 65 years remaining we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including expenses.