On the balance of probabilities if you own a flat in Rawcliffe you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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 |
| 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 Rawcliffe can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge dealing with Rawcliffe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful negotiations with the landlord of her studio apartment in Rawcliffe, Robyn commenced the lease extension process just as the lease was approaching the crucial 80-year mark. The transaction was finalised in June 2005. The landlord’s fees were restricted to about 600 pounds.
Last Christmas we were contacted by Mr and Mrs. F Thompson , who owned a ground floor apartment in Rawcliffe in June 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable properties in Rawcliffe with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ran out on 7 November 2093. Given that there were 67 years left we estimated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus professional charges.
Last year we were e-mailed by Dr Alisha Ali , who acquired a first floor apartment in Rawcliffe in January 2001. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar residencies in Rawcliffe with a long lease were worth £201,200. The average ground rent payable was £55 invoiced yearly. The lease concluded on 5 July 2082. Considering the 56 years remaining we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of legals.