On the balance of probabilities where you own a flat in Market Weighton you actually own a long leasehold interest over your property
Leasehold residencies in Market Weighton with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 maintenance charges justify 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. |
| Coventry Building Society | 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. |
| 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. |
| 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 |
Regardless of whether you are a tenant or a landlord in Market Weighton,the lease extension lawyers 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 Market Weighton valuers.
In 2014 William, came critically near to the eighty-year threshold with the lease on his leasehold flat in Market Weighton. Having purchased his property two decades ago, the lease term was of no bearing. Luckily, he recognised he needed to take action soon on a lease extension. William extended the lease just in the nick of time last July. William and the freeholder in the end settled on sum of £6,000 . If the lease had slid to less than eighty years, the price would have increased by at least £1,000.
Mr and Mrs. N Rivera took over the lease of a garden flat in Market Weighton in November 2000. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Comparative premises in Market Weighton with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 collected per annum. The lease came to a finish in 2104. Having 78 years remaining we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus legals.
Last October we were phoned by Mrs B Martinez , who was assigned a lease of a ground floor flat in Market Weighton in April 2010. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable premises in Market Weighton with a long lease were in the region of £191,000. The average ground rent payable was £65 collected per annum. The lease finished in 2084. Considering the 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of legals.