On the balance of probabilities where you own a flat in Walderslade you actually own a long leasehold interest over your property
Leasehold residencies in Walderslade with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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. |
Lease extensions in Walderslade can be a difficult process. We recommend you procure 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 a wealth of experience procuring Walderslade lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Henry, came seriously close to the 80-year threshold with the lease on his leasehold apartment in Walderslade. Having purchased his property 18 years previously, the lease term was of little significance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Henry was able to extend his lease just under the wire in September. Henry and the landlord eventually agreed on the final figure of £5,000 . If the lease had descended to less than eighty years, the figure would have escalated by at least £1,025.
In 2012 we were approached by Mrs G Morris who, having owned a one bedroom apartment in Walderslade in August 2000. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparative residencies in Walderslade with an extended lease were in the region of £250,400. The average amount of ground rent was £65 billed every twelve months. The lease expiry date was in 2090. Taking into account 64 years left we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including costs.
In 2011 we were phoned by Mr and Mrs. O Young who, having took over the lease of a one bedroom apartment in Walderslade in October 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative properties in Walderslade with an extended lease were worth £189,000. The mid-range ground rent payable was £55 collected per annum. The lease elapsed on 9 November 2079. Considering the 53 years remaining we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.