The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Flackwell Heath can extend the lease for a further ninety years under legislation. Do think carefully before delaying your Flackwell Heath lease extension. Shelving the costs today simply escalates the amount you will eventually be required to pay to extend the lease.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
The lawyers that we work with procure Flackwell Heath lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Jonathan owned a high value apartment in Flackwell Heath being marketed with a lease of just over fifty eight years outstanding. Jonathan on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be due on a lease extension were Jonathan to exercise his statutory right. Jonathan obtained expert advice and was able to make an informed decision and deal with the matter and sell the property.
In 2014 we were e-mailed by Dr Y Sharif who, having moved into a one bedroom apartment in Flackwell Heath in June 2012. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Similar homes in Flackwell Heath with a long lease were worth £206,200. The mid-range amount of ground rent was £60 invoiced monthly. The lease came to a finish in 2081. Taking into account 56 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.
Ms Imogen Roux purchased a one bedroom flat in Flackwell Heath in June 1996. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Similar residencies in Flackwell Heath with an extended lease were valued about £300,000. The mid-range amount of ground rent was £50 billed quarterly. The lease elapsed on 17 May 2101. Given that there were 76 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.