On the balance of probabilities where you own a flat in Stotfold you actually own a long leasehold interest over your property
Leasehold premises in Stotfold with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Stotfold can be a difficult process. We recommend you procure 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 in-depth market knowledge procuring Stotfold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Connor, started to get close to the eighty-year threshold with the lease on his garden apartment in Stotfold. Having purchased his home 19 years ago, the unexpired term was of little concern. Thankfully, he realised he needed to take steps soon on a lease extension. Connor extended the lease at the eleventh hour in September. Connor and the freeholder eventually settled on an amount of £6,000 . If the lease had fallen lower than 80 years, the price would have escalated by a minimum £875.
Mr and Mrs. H Nguyen owned a one bedroom flat in Stotfold in April 2003. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparable flats in Stotfold with a long lease were in the region of £208,600. The average ground rent payable was £60 billed annually. The lease expired on 4 November 2082. Taking into account 57 years outstanding we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus fees.
Last Spring we were called by Mr Theo Ramírez , who acquired a purpose-built apartment in Stotfold in November 2000. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Identical properties in Stotfold with 100 year plus lease were valued about £200,000. The mid-range ground rent payable was £50 collected quarterly. The lease terminated on 2 July 2102. Having 77 years remaining we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.