Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Flackwell Heath. Inevitably, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in Flackwell Heath have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Do give due attention before delaying your Flackwell Heath lease extension. Putting off the cost now simply increases the price you will eventually have to pay for a lease extension
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Flackwell Heath can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 in-depth market knowledge dealing with Flackwell Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Flackwell Heath, Lucy started the lease extension process as the 80 year mark was swiftly approaching. The legal work was finalised in June 2014. The landlord’s charges were kept to an absolute minimum.
In 2014 we were approached by Dr Jason Campbell who, having bought a garden flat in Flackwell Heath in November 2011. The question was if we could estimate the price would be to extend the lease by ninety years. Comparable premises in Flackwell Heath with an extended lease were worth £257,800. The average ground rent payable was £65 billed every twelve months. The lease lapsed on 2 October 2090. Having 65 years left we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 plus expenses.
Last Christmas we were e-mailed by Ms Lydia Gray , who purchased a studio apartment in Flackwell Heath in March 1995. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Flackwell Heath with an extended lease were in the region of £191,400. The average ground rent payable was £55 invoiced annually. The lease terminated in 2079. Taking into account 54 years left we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 not including fees.