Flint leases on residential deteriorating in value. Where your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Flint will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Flint,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Flint valuers.
Following unsuccessful correspondence with the freeholder of her one bedroom apartment in Flint, Natasha commenced the lease extension process as the eighty year threshold was rapidly approaching. The lease extension was finalised in July 2012. The freeholder’s costs were kept to an absolute minimum.
Last year we were contacted by Mrs U Vincent , who acquired a one bedroom apartment in Flint in July 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative properties in Flint with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 collected quarterly. The lease finished in 2086. Considering the 60 years unexpired we approximated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 plus professional charges.
In 2012 we were e-mailed by Dr C Ward who, having purchased a basement apartment in Flint in June 2006. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Similar properties in Flint with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 collected quarterly. The lease ended on 24 September 2097. Taking into account 71 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.