On the balance of probabilities where you own a flat in St Columb you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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 also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in St Columb can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 a wealth of experience dealing with St Columb lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy negotiations with the landlord of her leasehold apartment in St Columb, Bethany initiated the lease extension process as the eighty year deadline was quickly coming. The legal work completed in January 2005. The landlord’s costs were kept to an absolute minimum.
Dr Anna Kelly moved into a one bedroom flat in St Columb in August 1998. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Identical flats in St Columb with a long lease were worth £285,000. The average ground rent payable was £45 invoiced monthly. The lease came to a finish in 2097. Considering the 72 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.
Dr Y Jones bought a ground floor apartment in St Columb in July 2010. The dilemma was if we could estimate the price would be for a ninety year lease extension. Identical properties in St Columb with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease elapsed on 16 September 2086. Taking into account 61 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of costs.