Chances are that where you own a flat in Colindale you actually own a long leasehold interest over your property
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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 Colindale can be a difficult process. We recommend you obtain guidance from a conveyancer 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 procuring Colindale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Stanley owned a studio flat in Colindale on the market with a lease of fraction over 61 years unexpired. Stanley on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Stanley to exercise his statutory right. Stanley obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
Ms Daisy James owned a garden flat in Colindale in October 1995. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparable flats in Colindale with 100 year plus lease were worth £200,800. The mid-range amount of ground rent was £65 billed monthly. The lease lapsed on 1 October 2086. Considering the 60 years remaining we estimated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a Colindale flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The unexpired residue of the current lease was 70.25 years.