Chances are that where you own a flat in Ulceby you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 Ulceby can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 Ulceby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy negotiations with the landlord of her garden flat in Ulceby, Nicole started the lease extension process just as her lease was coming close to the all-important 80-year threshold. The lease extension completed in June 2005. The landlord’s charges were kept to an absolute minimum.
Ms Emma Miller purchased a newly refurbished apartment in Ulceby in September 2012. The dilemma was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparable flats in Ulceby with a long lease were in the region of £181,600. The average amount of ground rent was £55 collected every twelve months. The lease expired on 15 January 2077. Having 52 years remaining we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus fees.
In 2012 we were phoned by Ms I Gray who, having moved into a first floor apartment in Ulceby in July 2001. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable residencies in Ulceby with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected annually. The lease termination date was in 2097. Taking into account 72 years remaining we estimated the premium to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of legals.