On the balance of probabilities if you own a flat in Malpas you actually own a long leasehold interest over your property
Leasehold premises in Malpas with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Malpas can be a difficult process. We recommend you get professional help from a lawyer 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 Malpas lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy correspondence with the freeholder of her first floor apartment in Malpas, Catherine started the lease extension process as the eighty year mark was quickly approaching. The legal work was finalised in September 2005. The landlord’s costs were negotiated to under 600 GBP.
In 2013 we were called by Mr and Mrs. S Lefebvre who, having acquired a garden flat in Malpas in July 2001. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical homes in Malpas with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 invoiced monthly. The lease finished in 2091. Considering the 66 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.
In 2014 we were e-mailed by Mr and Mrs. O Clarke who, having owned a garden flat in Malpas in March 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Similar properties in Malpas with an extended lease were valued around £275,000. The average ground rent payable was £55 invoiced every twelve months. The lease ended in 2102. Taking into account 77 years unexpired we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus professional charges.