On the balance of probabilities if you own a flat in Southend On Sea you actually own a long leasehold interest over your property
It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Southend On Sea,the lease extension solicitors 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 Southend On Sea valuers.
Trailing protracted discussions with the freeholder of her two bedroom apartment in Southend On Sea, Rachel started the lease extension process just as the lease was approaching the critical 80-year threshold. The legal work completed in January 2011. The landlord’s charges were restricted to a tad over 500 pounds.
In 2011 we were e-mailed by Mr Blake White who, having took over the lease of a garden apartment in Southend On Sea in October 2010. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Southend On Sea with a long lease were worth £201,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease elapsed in 2082. Considering the 56 years as a residual term we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of fees.
Last Autumn we were called by Mr W Bernard , who took over the lease of a one bedroom apartment in Southend On Sea in June 2006. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Identical residencies in Southend On Sea with 100 year plus lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease came to a finish in 2102. Taking into account 76 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.