De Beauvoir Town leases on domestic deteriorating in value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Flat owners in De Beauvoir Town will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and formalities to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises 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; |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service gives you increased control over the value of your De Beauvoir Town leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy discussions with the landlord of her one bedroom flat in De Beauvoir Town, Natalie commenced the lease extension process as the eighty year threshold was swiftly approaching. The lease extension was concluded in August 2015. The freeholder’s charges were kept to an absolute minimum.
Mrs Ellen González owned a studio flat in De Beauvoir Town in May 1996. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Comparative properties in De Beauvoir Town with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed quarterly. The lease came to a finish on 14 June 2100. Having 76 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.
An example of a Lease Extension case for a De Beauvoir Town property 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 affected 1 flat. The unexpired lease term was 80.5 years.