Chances are that where you own a flat in Walton Le Dale you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.
| 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. |
| 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 Walton Le Dale can be a difficult process. We recommend you secure guidance from a conveyancing solicitor 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 Walton Le Dale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Jamie, came seriously close to the eighty-year threshold with the lease on his purpose- built apartment in Walton Le Dale. Having purchased his home two decades ago, the unexpired term was of minimal significance. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Jamie was able to extend his lease just under the wire last April. Jamie and the landlord eventually agreed on sum of £5,500 . If he had missed the deadline, the amount would have escalated by a minimum £1,025.
In 2009 we were called by Dr G Evans who, having owned a basement apartment in Walton Le Dale in June 2005. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Identical flats in Walton Le Dale with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 collected every twelve months. The lease terminated in 2092. Given that there were 67 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of fees.
In 2013 we were contacted by Mr and Mrs. C Stewart who, having acquired a one bedroom apartment in Walton Le Dale in January 2012. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Identical residencies in Walton Le Dale with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £55 billed per annum. The lease elapsed in 2081. Taking into account 56 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.