On the balance of probabilities where you own a flat in Shotton you actually own a long leasehold interest over your property
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Shotton can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in this area.
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 Shotton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Luca, came very near to the 80-year threshold with the lease on his two bedroom apartment in Shotton. Having bought his home two decades ago, the unexpired term was of no concern. by good luck, he became aware that he would soon be paying way over the odds for Extending the lease. Luca extended the lease just in the nick of time in July. Luca and the landlord who owned the flat above ultimately agreed on an amount of £6,000 . If he had missed the deadline, the figure would have gone up by a minimum £1,100.
In 2013 we were phoned by Dr Thomas Lewis who, having completed a one bedroom flat in Shotton in February 2001. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Similar properties in Shotton with a long lease were in the region of £218,400. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish in 2084. Having 59 years remaining we approximated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 not including legals.
Last Winter we were called by Dr K Parker , who acquired a garden flat in Shotton in September 1995. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparable premises in Shotton with a long lease were worth £205,000. The mid-range ground rent payable was £50 collected annually. The lease terminated on 7 September 2104. Given that there were 79 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £7,600 and £8,800 not including expenses.