On the balance of probabilities if you own a flat in Thurrock you actually own a long leasehold interest over your property
Leasehold properties in Thurrock with over one hundred 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Thurrock can be a difficult process. We recommend you secure professional help from a lawyer 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 in-depth market knowledge procuring Thurrock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas William, came dangerously near to the 80-year threshold with the lease on his purpose- built apartment in Thurrock. Having bought his home 18 years previously, the lease term was of little significance. Luckily, he realised he needed to take steps soon on a lease extension. William arranged for a lease extension at the eleventh hour in July. William and the freeholder via the management company subsequently agreed on the final figure of £5,000 . If the lease had descended lower than eighty years, the sum would have escalated by a minimum £1,150.
In 2013 we were phoned by Ms Erin Jackson who, having completed a first floor apartment in Thurrock in April 1999. The dilemma was if we could approximate the price could be for a ninety year lease extension. Identical homes in Thurrock with 100 year plus lease were valued about £189,000. The average ground rent payable was £55 invoiced per annum. The lease expired in 2079. Taking into account 53 years remaining we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including costs.
Mr and Mrs. P Lee was assigned a lease of a first floor flat in Thurrock in February 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical properties in Thurrock with an extended lease were valued about £290,000. The mid-range ground rent payable was £45 billed per annum. The lease ended in 2099. Taking into account 73 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.