On the balance of probabilities if you own a flat in Pitstone you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Pitstone can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Pitstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the landlord of her first floor apartment in Pitstone, Millie commenced the lease extension process as the eighty year threshold was rapidly nearing. The lease extension was finalised in February 2014. The landlord’s charges were restricted to slightly above 600 GBP.
In 2011 we were phoned by Mr and Mrs. O Martínez who, having acquired a recently refurbished apartment in Pitstone in July 2011. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative homes in Pitstone with a long lease were worth £265,000. The average amount of ground rent was £50 invoiced yearly. The lease elapsed in 2099. Taking into account 74 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.
Last Summer we were contacted by Mr and Mrs. P Stewart , who was assigned a lease of a newly refurbished apartment in Pitstone in March 2006. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparative flats in Pitstone with a long lease were worth £264,000. The average ground rent payable was £60 invoiced yearly. The lease terminated on 16 March 2078. Given that there were 53 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 exclusive of legals.