On the balance of probabilities if you own a flat in Long Eaton you actually own a long leasehold interest over your property
Leasehold residencies in Long Eaton with in excess of one hundred years remaining 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 circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
|Bank of Scotland|| Minimum 70 years from the date of the mortgage.|
|Birmingham Midshires|| Minimum 70 years from the date of the mortgage.|
|Lloyds TSB Scotland|| Mortgage term plus 30 years subject to an overall minimum term of 70 years|
|National Westminster Bank|| Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
|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 gives you enhanced control over the value of your Long Eaton leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After protracted negotiations with the freeholder of her ground floor flat in Long Eaton, Shannon started the lease extension process as the 80 year mark was quickly approaching. The lease extension completed in June 2015. The landlord’s costs were kept to an absolute minimum.
In 2011 we were called by Mrs Rebecca Michel who, having purchased a purpose-built flat in Long Eaton in July 2000. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Long Eaton with 100 year plus lease were worth £295,000. The average ground rent payable was £45 collected quarterly. The lease terminated in 2095. Taking into account 74 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Mr and Mrs. R Mitchell took over the lease of a one bedroom flat in Long Eaton in April 2004. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical homes in Long Eaton with a long lease were in the region of £243,000. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed in 2084. Given that there were 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 not including costs.