On the balance of probabilities if you own a flat in Sunbury On Thames you actually own a long leasehold interest over your property
Leasehold residencies in Sunbury On Thames with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant 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. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
Lease extensions in Sunbury On Thames can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Sunbury On Thames lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Samuel, came precariously close to the eighty-year threshold with the lease on his one bedroom flat in Sunbury On Thames. In buying his property two decades ago, the length of the lease was of little importance. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Samuel extended the lease just in the nick of time in May. Samuel and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he failed to meet the deadline, the amount would have escalated by a minimum £925.
Mr and Mrs. D Flores bought a basement flat in Sunbury On Thames in May 2011. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Comparable homes in Sunbury On Thames with 100 year plus lease were valued about £220,400. The mid-range ground rent payable was £45 invoiced quarterly. The lease ended on 10 February 2089. Given that there were 64 years left we approximated the premium to the landlord to extend the lease to be between £16,200 and £18,600 plus legals.
An example of a Lease Extension case for a Sunbury On Thames premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired lease term was 82.93 years.