On the balance of probabilities if you own a flat in Selston you actually own a long leasehold interest over your property
Leasehold properties in Selston with in excess of one hundred years unexpired 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Selston,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Selston valuers.
After protracted correspondence with the landlord of her ground floor apartment in Selston, Molly initiated the lease extension process as the eighty year mark was fast nearing. The legal work was concluded in January 2007. The landlord’s charges were negotiated to under 550 GBP.
Last July we were phoned by Mr and Mrs. N Bell , who owned a one bedroom flat in Selston in September 2012. The question was if we could approximate the premium would be for a 90 year lease extension. Identical properties in Selston with 100 year plus lease were worth £171,800. The mid-range ground rent payable was £55 collected quarterly. The lease ended in 2076. Taking into account 50 years outstanding we approximated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of costs.
Last July we were approach by Ms T Petit , who owned a purpose-built apartment in Selston in June 2008. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Selston with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 invoiced annually. The lease elapsed in 2096. Having 70 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.