On the balance of probabilities if you own a flat in Littleport you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Littleport,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Littleport valuers.
Subsequent to unsuccessful correspondence with the landlord of her studio apartment in Littleport, Sarah started the lease extension process as the 80 year threshold was swiftly approaching. The lease extension was concluded in January 2015. The landlord’s charges were kept to an absolute minimum.
In 2012 we were phoned by Mr and Mrs. K François who, having was assigned a lease of a studio flat in Littleport in November 2006. We are asked if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative properties in Littleport with 100 year plus lease were in the region of £174,200. The mid-range ground rent payable was £55 billed quarterly. The lease concluded on 19 June 2076. Taking into account 51 years remaining we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.
Last Summer we were called by Mr and Mrs. L Moore , who took over the lease of a recently refurbished apartment in Littleport in February 2012. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar properties in Littleport with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 billed yearly. The lease finished in 2096. Taking into account 71 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.