Chances are that if you own a flat in Repton you actually own a long leasehold interest over your property
Leasehold residencies in Repton with more than one hundred years remaining on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you enhanced control over the value of your Repton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted negotiations with the landlord of her garden apartment in Repton, Jade started the lease extension process as the 80 year threshold was fast advancing. The lease extension completed in April 2005. The landlord’s costs were negotiated to approximately 450 GBP.
Last Summer we were contacted by Dr Y Reed , who bought a basement apartment in Repton in June 2001. The question was if we could estimate the premium could be to extend the lease by 90 years. Similar premises in Repton with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 invoiced quarterly. The lease terminated on 21 September 2087. Taking into account 63 years unexpired we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of costs.
Mr and Mrs. E Leroy moved into a garden flat in Repton in July 2012. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparative homes in Repton with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed quarterly. The lease lapsed in 2098. Having 74 years outstanding we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.