On the balance of probabilities if you own a flat in Binfield you actually own a long leasehold interest over your property
Leasehold properties in Binfield with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Royal Bank of Scotland | 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. |
Lease extensions in Binfield can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.
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 Binfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Andrew, started to get close to the 80-year threshold with the lease on his first floor flat in Binfield. Having bought his property twenty years ago, the unexpired term was of no significance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Andrew was able to extend his lease at the eleventh hour last September. Andrew and the freeholder via the management company in the end agreed on the final figure of £6,000 . If he had missed the deadline, the figure would have escalated by at least £1,000.
Last Christmas we were called by Mr and Mrs. W Davies , who owned a garden apartment in Binfield in June 2004. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar properties in Binfield with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 collected yearly. The lease elapsed in 2100. Taking into account 76 years outstanding we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
In 2012 we were contacted by Dr Abbie Martínez who, having was assigned a lease of a studio flat in Binfield in May 2012. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Identical premises in Binfield with a long lease were in the region of £257,800. The average ground rent payable was £65 billed every twelve months. The lease came to a finish in 2089. Considering the 65 years left we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including professional charges.