Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Stallingborough. Clearly, the length of lease remaining shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying leaseholders in Stallingborough have the legal entitlement to extend the lease for a further ninety years in accordance with statute. You should give careful attention before delaying your Stallingborough lease extension. Putting off the cost now simply increases the price you will eventually have to pay to extend your lease
Leasehold premises in Stallingborough with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Lease extensions in Stallingborough can be a difficult process. We recommend you get 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 a wealth of experience procuring Stallingborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tommy was the the leasehold owner of a 2 bedroom flat in Stallingborough being marketed with a lease of fraction over 59 years remaining. Tommy on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Tommy to invoke his statutory right. Tommy procured expert advice and secured satisfactory deal informally and readily saleable.
In 2009 we were contacted by Dr Joshua Edwards who, having acquired a newly refurbished flat in Stallingborough in August 1999. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Stallingborough with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 collected every twelve months. The lease ended in 2081. Considering the 56 years unexpired we approximated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of legals.
Mr and Mrs. Y Phillips bought a one bedroom apartment in Stallingborough in August 1996. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative flats in Stallingborough with 100 year plus lease were valued about £242,600. The average ground rent payable was £45 invoiced yearly. The lease elapsed in 2092. Considering the 67 years left we approximated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including expenses.