Chances are that if you own a flat in Sheerness you actually own a long leasehold interest over your property
Leasehold properties in Sheerness with more than 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 upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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 |
Lease extensions in Sheerness can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 Sheerness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her two bedroom flat in Sheerness, Chantelle commenced the lease extension process just as the lease was approaching the all-important 80-year threshold. The lease extension was concluded in July 2014. The landlord’s fees were kept to an absolute minimum.
Dr M Morel owned a first floor apartment in Sheerness in February 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Identical flats in Sheerness with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 billed quarterly. The lease end date was on 6 November 2099. Given that there were 73 years unexpired we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.
Mr and Mrs. I Roux acquired a first floor apartment in Sheerness in March 2005. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Comparative premises in Sheerness with a long lease were valued around £240,600. The average amount of ground rent was £60 billed monthly. The lease end date was in 2088. Having 62 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including expenses.