Chances are that where you own a flat in Woodhouse and Handsworth you actually own a long leasehold interest over your property
Leasehold residencies in Woodhouse and Handsworth with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| 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. |
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Regardless of whether you are a tenant or a freeholder in Woodhouse and Handsworth,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Woodhouse and Handsworth valuers.
Trailing unsuccessful discussions with the landlord of her leasehold apartment in Woodhouse and Handsworth, Maisie initiated the lease extension process as the eighty year threshold was swiftly nearing. The lease extension completed in February 2008. The freeholder’s charges were kept to an absolute minimum.
Mr and Mrs. G White owned a purpose-built apartment in Woodhouse and Handsworth in August 1997. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Woodhouse and Handsworth with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease ran out in 2102. Considering the 77 years left we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.
Last month we were phoned by Mr and Mrs. P Carter , who was assigned a lease of a ground floor apartment in Woodhouse and Handsworth in March 2009. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Similar properties in Woodhouse and Handsworth with a long lease were in the region of £183,600. The average amount of ground rent was £65 billed monthly. The lease expired on 20 June 2082. Given that there were 57 years unexpired we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of costs.