Chances are that where you own a flat in Skellingthorpe you actually own a long leasehold interest over your property
Leasehold residencies in Skellingthorpe with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Skellingthorpe can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 in-depth market knowledge procuring Skellingthorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Owen, came dangerously close to the 80-year mark with the lease on his first floor flat in Skellingthorpe. In buying his property 18 years previously, the lease term was of little significance. Thankfully, he became aware that he needed to take action soon on a lease extension. Owen extended the lease just in the nick of time in January. Owen and the landlord who owned the flat above subsequently settled on an amount of £6,000 . If the lease had gone below eighty years, the figure would have become more costly by a minimum £850.
In 2014 we were approached by Mr and Mrs. H Laurent who, having completed a one bedroom apartment in Skellingthorpe in November 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative premises in Skellingthorpe with a long lease were in the region of £191,400. The average ground rent payable was £55 collected per annum. The lease finished in 2079. Considering the 54 years left we approximated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 plus costs.
In 2013 we were phoned by Mrs D Lambert who, having owned a garden flat in Skellingthorpe in September 1995. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar premises in Skellingthorpe with 100 year plus lease were valued about £295,000. The mid-range ground rent payable was £45 invoiced monthly. The lease finished on 25 April 2099. Given that there were 74 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.