Chances are that where you own a flat in Walsingham you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 Walsingham can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 a wealth of experience dealing with Walsingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the landlord of her ground floor apartment in Walsingham, Leah commenced the lease extension process as the eighty year deadline was swiftly coming. The legal work was concluded in April 2012. The landlord’s fees were restricted to a tad over 600 GBP.
In 2013 we were called by Mr U Hernández who, having was assigned a lease of a one bedroom apartment in Walsingham in October 2000. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical residencies in Walsingham with 100 year plus lease were in the region of £233,200. The average ground rent payable was £60 collected monthly. The lease expired on 19 August 2086. Considering the 61 years unexpired we estimated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of costs.
Last February we were phoned by Ms Sarah Roberts , who purchased a newly refurbished flat in Walsingham in April 2008. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical premises in Walsingham with a long lease were valued about £166,800. The average amount of ground rent was £50 billed quarterly. The lease expired on 15 May 2075. Considering the 50 years left we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including legals.