On the balance of probabilities where you own a flat in West Molesey you actually own a long leasehold interest over your property
Leasehold properties in West Molesey with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
| 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 Molesey can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 West Molesey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Alfie, started to get close to the 80-year mark with the lease on his garden flat in West Molesey. Having bought his property two decades ago, the length of the lease was of little interest. by good luck, he realised he needed to take steps soon on Extending the lease. Alfie extended the lease just under the wire in June. Alfie and the freeholder via the managing agents in the end agreed on sum of £5,000 . If he failed to meet the deadline, the figure would have gone up by at least £1,150.
Mr and Mrs. R Lee took over the lease of a studio apartment in West Molesey in January 2011. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in West Molesey with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease lapsed in 2092. Considering the 67 years unexpired we calculated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of fees.
An example of a Lease Extension decision for a West Molesey residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.