Bowes Park leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Bowes Park will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some situations you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Bowes Park with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Bowes Park can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 procuring Bowes Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Callum owned a high value flat in Bowes Park on the market with a lease of just over 61 years outstanding. Callum on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Callum to exercise his statutory right. Callum procured expert legal guidance and secured satisfactory resolution without going to tribunal and sell the flat.
In 2013 we were contacted by Dr Toby Jones who, having acquired a newly refurbished flat in Bowes Park in April 2010. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical properties in Bowes Park with a long lease were worth £166,800. The average amount of ground rent was £55 billed yearly. The lease elapsed in 2075. Taking into account 50 years outstanding we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including professional charges.
An example of a Lease Extension decision for a Bowes Park flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The number of years remaining on the existing lease(s) was 81.79 years.