On the balance of probabilities where you own a flat in Newton Ferrers you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | 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 also be not less than 75 years at the outset of the mortgage. |
Regardless of whether you are a tenant or a landlord in Newton Ferrers,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 Newton Ferrers valuers.
Last year Sebastian, started to get close to the 80-year mark with the lease on his basement apartment in Newton Ferrers. Having bought his flat two decades ago, the unexpired term was of minimal significance. Thankfully, he became aware that he would soon be paying way over the odds for a lease extension. Sebastian was able to extend his lease just under the wire in September. Sebastian and the freeholder in the end settled on an amount of £5,000 . If he not met the deadline, the premium would have become more costly by a minimum £1,150.
Mr and Mrs. Y Moreau purchased a ground floor apartment in Newton Ferrers in May 1995. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative properties in Newton Ferrers with a long lease were valued about £285,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease concluded in 2105. Taking into account 79 years as a residual term we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.
In 2013 we were phoned by Mr Callum Morel who, having bought a first floor apartment in Newton Ferrers in November 1996. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Newton Ferrers with an extended lease were worth £193,400. The average ground rent payable was £65 collected every twelve months. The lease expired in 2085. Taking into account 59 years unexpired we estimated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.