Chances are that where you own a flat in Saltney you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a freeholder in Saltney,the lease extension solicitors 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 Saltney valuers.
Last year Sebastian, came dangerously near to the 80-year mark with the lease on his purpose- built apartment in Saltney. In buying his flat 18 years previously, the lease term was of no concern. by good luck, he realised he needed to take action soon on a lease extension. Sebastian extended the lease at the eleventh hour in August. Sebastian and the landlord in the end agreed on sum of £5,500 . If the lease had fallen below eighty years, the premium would have gone up by a minimum £950.
Last Autumn we were e-mailed by Ms Melissa Flores , who owned a recently refurbished apartment in Saltney in January 2012. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable residencies in Saltney with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 collected annually. The lease end date was on 24 August 2090. Taking into account 64 years left we approximated the premium to the landlord to extend the lease to be within £19,000 and £22,000 not including costs.
In 2014 we were contacted by Mrs S Mitchell who, having bought a one bedroom apartment in Saltney in July 2006. The question was if we could approximate the premium would likely be for a ninety year lease extension. Similar premises in Saltney with 100 year plus lease were worth £184,000. The average ground rent payable was £55 invoiced yearly. The lease lapsed in 2079. Given that there were 53 years outstanding we estimated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.