Chances are that if you own a flat in Slough you actually own a long leasehold interest over your property
Leasehold residencies in Slough with more than one hundred years left 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 buying the freehold unless savings on ground rent and service charges merit it.
| 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. |
| 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 30 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Slough can be a difficult process. We recommend you procure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge dealing with Slough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
John was the the leasehold proprietor of a conversion flat in Slough being sold with a lease of just over sixty years remaining. John on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were John to exercise his statutory right. John procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.
Last Summer we were phoned by Mr Aiden Thompson , who acquired a garden flat in Slough in July 1997. The question was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparable properties in Slough with 100 year plus lease were worth £200,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out on 19 June 2104. Having 78 years unexpired we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.
Last Winter we were contacted by Mr and Mrs. D Murphy , who purchased a ground floor apartment in Slough in February 2009. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable properties in Slough with a long lease were worth £267,600. The mid-range ground rent payable was £65 collected annually. The lease ran out in 2093. Having 67 years outstanding we estimated the premium to the landlord for the lease extension to be between £14,300 and £16,400 plus legals.