Elm Park leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Elm Park will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some circumstances you may not qualify. There are prescribed timetables and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Elm Park with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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. |
The lawyers that we work with undertake Elm Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Following protracted negotiations with the landlord of her one bedroom flat in Elm Park, Rachael initiated the lease extension process as the 80 year deadline was swiftly nearing. The lease extension was concluded in October 2005. The landlord’s fees were kept to an absolute minimum.
Ms H González purchased a ground floor flat in Elm Park in May 2000. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Elm Park with 100 year plus lease were in the region of £200,800. The average ground rent payable was £65 invoiced yearly. The lease terminated in 2086. Having 60 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 not including professional charges.
An example of a Lease Extension decision for a Elm Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.