The only way is down when it comes to Flint lease terms. Flint flats that have a lease term shorter than eighty years will de-escalate in market price even faster, and the cost to extend your lease will rise.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you better control over the value of your Flint leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the landlord of her leasehold flat in Flint, Stephanie commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The transaction completed in March 2012. The landlord’s fees were restricted to less than 600 pounds.
Last Summer we were phoned by Mr and Mrs. Y Harris , who took over the lease of a basement flat in Flint in November 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Similar premises in Flint with an extended lease were in the region of £176,200. The average ground rent payable was £65 billed every twelve months. The lease finished on 3 November 2082. Given that there were 56 years remaining we calculated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 plus legals.
Last month we were e-mailed by Mr and Mrs. B Parker , who completed a studio apartment in Flint in January 2001. The question was if we could approximate the price could be for a 90 year lease extension. Comparative homes in Flint with an extended lease were valued around £237,600. The average amount of ground rent was £45 invoiced per annum. The lease elapsed on 21 October 2093. Taking into account 67 years outstanding we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 exclusive of professional charges.