Chances are that where you own a flat in Shepshed you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over one hundred years remaining 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 decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
Lease extensions in Shepshed can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in lease extensions.
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 Shepshed lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Caleb, started to get close to the 80-year mark with the lease on his two bedroom apartment in Shepshed. In buying his flat two decades ago, the length of the lease was of little interest. Thankfully, he became aware that he would soon be paying way over the odds for Extending the lease. Caleb was able to extend his lease just under the wire in September. Caleb and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the amount would have gone up by a minimum £1,125.
Dr E Garcia purchased a first floor flat in Shepshed in June 1998. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar homes in Shepshed with a long lease were worth £225,800. The mid-range amount of ground rent was £60 collected quarterly. The lease terminated in 2086. Given that there were 60 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 exclusive of legals.
In 2011 we were contacted by Mr and Mrs. R White who, having was assigned a lease of a one bedroom flat in Shepshed in September 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Shepshed with 100 year plus lease were in the region of £210,000. The average ground rent payable was £50 invoiced yearly. The lease terminated on 28 May 2106. Taking into account 80 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.