On the balance of probabilities if you own a flat in Yarmouth you actually own a long leasehold interest over your property
Leasehold premises in Yarmouth with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Yarmouth,the lease extension solicitors 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 Yarmouth valuers.
Ollie was the the leasehold proprietor of a studio flat in Yarmouth on the market with a lease of fraction over 61 years remaining. Ollie on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Ollie to exercise his statutory right. Ollie procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Last Summer we were called by Mr and Mrs. K Bonnet , who moved into a one bedroom flat in Yarmouth in May 2005. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparable properties in Yarmouth with 100 year plus lease were valued around £240,600. The average amount of ground rent was £60 collected per annum. The lease elapsed in 2087. Considering the 62 years remaining we approximated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including professional charges.
Last Winter we were phoned by Mr V Bailey , who completed a first floor flat in Yarmouth in November 2009. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical properties in Yarmouth with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced annually. The lease came to a finish in 2076. Having 51 years unexpired we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus legals.