Chances are that if you own a flat in Lostwithiel you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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. |
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Lostwithiel,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lostwithiel valuers.
Harrison owned a studio flat in Lostwithiel being sold with a lease of a few days over sixty years outstanding. Harrison informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Harrison to exercise his statutory right. Harrison procured expert legal guidance and secured satisfactory deal informally and readily saleable.
In 2012 we were contacted by Mr and Mrs. M González who, having acquired a ground floor flat in Lostwithiel in July 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Lostwithiel with a long lease were valued around £166,400. The mid-range amount of ground rent was £60 billed quarterly. The lease expired in 2079. Considering the 54 years left we approximated the premium to the landlord to extend the lease to be between £32,300 and £37,400 plus fees.
Ms Lauren Pérez bought a recently refurbished flat in Lostwithiel in June 2002. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative residencies in Lostwithiel with a long lease were in the region of £227,800. The average amount of ground rent was £45 billed quarterly. The lease came to a finish on 16 April 2090. Taking into account 65 years remaining we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.