On the balance of probabilities if you own a flat in West Malling you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, 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. |
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in West Malling can be a difficult process. We recommend you obtain guidance from a conveyancer 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 West Malling lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex was the the leasehold proprietor of a conversion flat in West Malling being sold with a lease of a few days over sixty years outstanding. Alex informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Alex to exercise his statutory right. Alex procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Last Autumn we were approach by Ms Natasha Michel , who moved into a basement apartment in West Malling in March 2002. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparative residencies in West Malling with an extended lease were in the region of £240,600. The mid-range ground rent payable was £65 invoiced annually. The lease ended in 2088. Taking into account 62 years outstanding we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.
In 2013 we were called by Ms Lucy Harris who, having took over the lease of a one bedroom apartment in West Malling in February 2012. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative homes in West Malling with 100 year plus lease were in the region of £179,200. The average amount of ground rent was £55 invoiced monthly. The lease finished in 2077. Having 51 years remaining we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of legals.