On the balance of probabilities where you own a flat in Maltby you actually own a long leasehold interest over your property
It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
Regardless of whether you are a tenant or a landlord in Maltby,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Maltby valuers.
Trailing unsuccessful negotiations with the freeholder of her studio apartment in Maltby, Francesca started the lease extension process just as the lease was approaching the critical eighty-year deadline. The legal work was finalised in March 2006. The freeholder’s charges were negotiated to less than 600 pounds.
Mr and Mrs. Y Ward took over the lease of a recently refurbished apartment in Maltby in October 2006. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative flats in Maltby with 100 year plus lease were worth £243,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease ran out on 8 October 2088. Given that there were 63 years as a residual term we estimated the premium to the landlord to extend the lease to be within £20,000 and £23,000 not including fees.
Last June we were contacted by Dr Jacob Morgan , who was assigned a lease of a first floor flat in Maltby in September 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical flats in Maltby with an extended lease were in the region of £181,600. The average amount of ground rent was £55 collected monthly. The lease concluded on 11 April 2077. Taking into account 52 years remaining we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of costs.