On the balance of probabilities if you own a flat in Burnham On Crouch you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Burnham On Crouch,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Burnham On Crouch valuers.
Half a year ago Leon, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Burnham On Crouch. Having bought his flat two decades ago, the lease term was of minimal concern. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Leon was able to extend his lease just under the wire last September. Leon and the landlord in the end settled on the final figure of £6,000 . If the lease had slipped below eighty years, the price would have escalated by at least £1,150.
Last year we were approach by Dr Kian Clarke , who was assigned a lease of a ground floor apartment in Burnham On Crouch in June 2000. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical premises in Burnham On Crouch with 100 year plus lease were valued around £256,600. The average ground rent payable was £60 invoiced monthly. The lease terminated on 2 October 2076. Taking into account 52 years left we calculated the compensation to the freeholder to extend the lease to be between £41,800 and £48,400 not including costs.
In 2012 we were e-mailed by Dr H Collins who, having was assigned a lease of a first floor apartment in Burnham On Crouch in September 1996. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable residencies in Burnham On Crouch with an extended lease were worth £218,000. The average amount of ground rent was £45 collected yearly. The lease lapsed in 2087. Having 63 years left we approximated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 plus legals.