Chances are that where you own a flat in Farnham Common you actually own a long leasehold interest over your property
Leasehold properties in Farnham Common with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 |
| Yorkshire 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. |
Lease extensions in Farnham Common can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in lease extensions.
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 Farnham Common lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her basement apartment in Farnham Common, Amy started the lease extension process just as the lease was nearing the critical eighty-year deadline. The transaction was finalised in September 2015. The landlord’s fees were negotiated to under 700 pounds.
Last June we were approach by Mr and Mrs. C Flores , who completed a basement apartment in Farnham Common in March 2005. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Similar flats in Farnham Common with a long lease were valued about £166,400. The average ground rent payable was £60 collected every twelve months. The lease finished on 6 June 2079. Taking into account 54 years left we calculated the premium to the landlord for the lease extension to be within £32,300 and £37,400 not including professional charges.
Mr D Ali acquired a first floor flat in Farnham Common in September 2009. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar homes in Farnham Common with an extended lease were worth £227,800. The mid-range amount of ground rent was £45 invoiced annually. The lease finished in 2090. Taking into account 65 years remaining we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.