On the balance of probabilities if you own a flat in Lytchett Matravers you actually own a long leasehold interest over your property
Leasehold premises in Lytchett Matravers with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| 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. |
| 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. 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. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Lytchett Matravers,the lease extension lawyers 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 Lytchett Matravers valuers.
In 2014 Connor, came perilously near to the eighty-year mark with the lease on his basement apartment in Lytchett Matravers. In buying his home two decades ago, the lease term was of no interest. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. Connor extended the lease at the eleventh hour in January. Connor and the freeholder subsequently agreed on sum of £6,000 . If he had missed the deadline, the figure would have increased by at least £925.
Last Christmas we were approach by Mrs Kate Cooper , who was assigned a lease of a one bedroom apartment in Lytchett Matravers in August 1997. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar residencies in Lytchett Matravers with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 collected monthly. The lease finished in 2098. Taking into account 72 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.
In 2009 we were phoned by Dr B Simon who, having moved into a garden flat in Lytchett Matravers in August 2002. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative flats in Lytchett Matravers with 100 year plus lease were in the region of £261,600. The average ground rent payable was £60 invoiced yearly. The lease elapsed on 26 February 2078. Given that there were 52 years as a residual term we calculated the premium to the landlord to extend the lease to be within £39,000 and £45,000 not including professional charges.