Chances are that where you own a flat in Sully you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Engaging our service gives you increased control over the value of your Sully leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of unsuccessful correspondence with the landlord of her two bedroom apartment in Sully, Emily started the lease extension process as the 80 year threshold was fast advancing. The transaction was finalised in July 2013. The freeholder’s fees were restricted to under five hundred pounds.
In 2014 we were phoned by Mr and Mrs. U Hernández who, having took over the lease of a studio apartment in Sully in March 2011. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparable flats in Sully with an extended lease were worth £235,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease termination date was on 11 January 2088. Having 62 years outstanding we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus professional charges.
Mr and Mrs. U Smith completed a garden flat in Sully in November 1997. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Identical homes in Sully with an extended lease were worth £174,200. The mid-range amount of ground rent was £55 billed annually. The lease concluded on 23 July 2077. Taking into account 51 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of expenses.