Chances are that if you own a flat in Strawberry Hill you actually own a long leasehold interest over your property
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| 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. |
Lease extensions in Strawberry Hill can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 dealing with Strawberry Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Sam, started to get close to the eighty-year mark with the lease on his first floor flat in Strawberry Hill. In buying his flat twenty years ago, the lease term was of minimal bearing. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Sam extended the lease just under the wire last April. Sam and the freeholder subsequently agreed on a premium of £6,000 . If the lease had slid to less than eighty years, the amount would have escalated by a minimum £1,075.
Mrs Amelia King took over the lease of a newly refurbished apartment in Strawberry Hill in May 1998. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar residencies in Strawberry Hill with an extended lease were valued around £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease elapsed on 11 March 2076. Having 52 years left we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of costs.
An example of a Lease Extension case for a Strawberry Hill flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.