Chances are that where you own a flat in Linton you actually own a long leasehold interest over your property
Leasehold premises in Linton with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 |
Lease extensions in Linton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.
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 Linton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Sam, came seriously close to the eighty-year mark with the lease on his first floor apartment in Linton. In buying his property two decades ago, the unexpired term was of no concern. Fortunately, he realised he would imminently be paying an escalated premium for Extending the lease. Sam was able to extend his lease at the eleventh hour last September. Sam and the freeholder ultimately agreed on a premium of £5,000 . If the lease had slipped below eighty years, the sum would have escalated by at least £1,075.
Dr Jacob Carter took over the lease of a basement apartment in Linton in September 1998. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar flats in Linton with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease end date was in 2102. Considering the 76 years outstanding we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.
Last October we were called by Mrs Jade Green , who purchased a basement flat in Linton in June 1998. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Identical properties in Linton with a long lease were valued around £257,800. The mid-range amount of ground rent was £65 collected per annum. The lease terminated in 2091. Having 65 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus professional charges.