Chances are that where you own a flat in North Walsham you actually own a long leasehold interest over your property
Leasehold residencies in North Walsham with more than one hundred years outstanding 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 upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in North Walsham,the lease extension experts 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 North Walsham valuers.
John was the the leasehold owner of a studio apartment in North Walsham on the market with a lease of a few days over 72 years outstanding. John on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were John to invoke his statutory right. John obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Dr D Cox completed a one bedroom apartment in North Walsham in October 2012. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparable premises in North Walsham with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish on 21 November 2099. Having 74 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.
Mr and Mrs. F James purchased a newly refurbished apartment in North Walsham in October 1996. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in North Walsham with 100 year plus lease were in the region of £166,400. The mid-range ground rent payable was £60 collected quarterly. The lease came to a finish in 2079. Given that there were 54 years as a residual term we calculated the premium to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of legals.