Chances are that where you own a flat in Coleford you actually own a long leasehold interest over your property
Leasehold residencies in Coleford with in excess of 100 years remaining 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 situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Coleford,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Coleford valuers.
Off the back of lengthy discussions with the landlord of her one bedroom apartment in Coleford, Abbie started the lease extension process just as the lease was nearing the critical 80-year mark. The legal work was finalised in October 2015. The freeholder’s costs were restricted to less than five hundred GBP.
Mr D Vincent completed a purpose-built flat in Coleford in August 1995. The dilemma was if we could approximate the premium could be to prolong the lease by 90 years. Comparative flats in Coleford with 100 year plus lease were in the region of £243,000. The mid-range ground rent payable was £65 invoiced per annum. The lease ended on 14 June 2088. Given that there were 63 years left we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus legals.
In 2009 we were e-mailed by Dr Ethan Peterson who, having took over the lease of a purpose-built flat in Coleford in March 2000. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical residencies in Coleford with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 collected yearly. The lease end date was in 2077. Having 52 years unexpired we calculated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.