Chances are that if you own a flat in Rushden you actually own a long leasehold interest over your property
Leasehold premises in Rushden with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| 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. |
Lease extensions in Rushden can be a difficult process. We recommend you procure professional help from a lawyer 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 Rushden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Isaac was the the leasehold proprietor of a high value apartment in Rushden being sold with a lease of fraction over 61 years left. Isaac on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Isaac to invoke his statutory right. Isaac procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
In 2011 we were contacted by Mrs P Simon who, having moved into a garden apartment in Rushden in July 1995. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparable homes in Rushden with 100 year plus lease were valued about £255,000. The average ground rent payable was £50 collected monthly. The lease finished in 2096. Considering the 71 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
Last Spring we were approach by Dr Anna Girard , who acquired a first floor apartment in Rushden in February 1996. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical homes in Rushden with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 collected monthly. The lease ended in 2076. Given that there were 51 years left we estimated the premium to the landlord to extend the lease to be between £43,700 and £50,600 plus professional charges.