Chances are that where you own a flat in St Werburghs you actually own a long leasehold interest over your property
It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in St Werburghs can be a difficult process. We recommend you obtain guidance from a lawyer 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 procuring St Werburghs lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Joshua, started to get close to the 80-year mark with the lease on his one bedroom flat in St Werburghs. Having bought his home 18 years previously, the unexpired term was of little interest. As luck would have it, it dawned on him that he would soon be paying way over the odds for Extending the lease. Joshua was able to extend his lease just in the nick of time in July. Joshua and the landlord subsequently settled on a premium of £5,000 . If he had missed the deadline, the figure would have become more exhorbitant by at least £850.
Last Spring we were approach by Mr and Mrs. B André , who moved into a one bedroom flat in St Werburghs in November 1996. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in St Werburghs with a long lease were worth £267,600. The mid-range ground rent payable was £65 billed every twelve months. The lease ran out on 28 February 2092. Considering the 67 years remaining we approximated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 not including legals.
Last July we were approach by Dr Natasha Murphy , who purchased a recently refurbished flat in St Werburghs in June 2001. The question was if we could approximate the premium would be for a 90 year extension to my lease. Comparative flats in St Werburghs with 100 year plus lease were worth £201,200. The mid-range ground rent payable was £55 invoiced monthly. The lease lapsed on 24 September 2081. Taking into account 56 years left we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including legals.