The re-sale value of a leasehold property in De Beauvoir Town is impacted by how long the lease has remaining. If it is close to or less than 80 years you should envisage difficulties on re-sale, so it is recommended to arrange for the lease to be extended before purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that all matters can be addressed prior to the 80 year cut off point. Current legislation enables De Beauvoir Town qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold properties in De Beauvoir Town with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| 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. |
| Halifax | Minimum 70 years from the date 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in De Beauvoir Town can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.
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 De Beauvoir Town 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 correspondence with the landlord of her leasehold apartment in De Beauvoir Town, Jasmine commenced the lease extension process as the eighty year threshold was swiftly approaching. The lease extension was finalised in September 2008. The freeholder’s charges were negotiated to slightly above five hundred pounds.
Dr Austin Bailey was assigned a lease of a ground floor apartment in De Beauvoir Town in July 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in De Beauvoir Town with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £55 billed quarterly. The lease concluded on 25 May 2105. Considering the 80 years remaining we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.
An example of a Lease Extension matter before the tribunal for a De Beauvoir Town premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case related to 1 flat. The unexpired residue of the current lease was 80.5 years.