Chances are that where you own a flat in Malden Rushett you actually own a long leasehold interest over your property
Leasehold premises in Malden Rushett with in excess of one hundred years outstanding 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 buying the freehold unless savings on ground rent and service charges justify it.
Lender | Requirement |
---|---|
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. |
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. |
Halifax | Minimum 70 years from the date of the mortgage. |
Leeds Building Society | 85 years remaining from the start of the mortgage. |
Regardless of whether you are a tenant or a landlord in Malden Rushett,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Malden Rushett valuers.
After unsuccessful negotiations with the landlord of her first floor apartment in Malden Rushett, Poppy started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The lease extension was concluded in June 2010. The landlord’s costs were negotiated to approximately 550 GBP.
In 2010 we were called by Mr and Mrs. C Taylor who, having moved into a one bedroom flat in Malden Rushett in January 2007. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical properties in Malden Rushett with a long lease were in the region of £267,600. The average ground rent payable was £65 invoiced quarterly. The lease finished on 5 August 2092. Given that there were 67 years left we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus expenses.
An example of a Lease Extension matter before the tribunal for a Malden Rushett property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.