On the balance of probabilities if you own a flat in Heston you actually own a long leasehold interest over your property
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Heston can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Heston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Finley owned a studio flat in Heston on the market with a lease of just over 72 years remaining. Finley on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Finley to invoke his statutory right. Finley obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
In 2012 we were approached by Mr Eli Jones who, having owned a recently refurbished apartment in Heston in March 2008. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Identical homes in Heston with a long lease were valued about £184,000. The mid-range amount of ground rent was £55 billed monthly. The lease expiry date was on 14 October 2078. Considering the 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.
An example of a Lease Extension decision for a Heston flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The unexpired residue of the current lease was 60.45 years.