Golders Green leases on residential deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Golders Green will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Golders Green with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| 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. |
| 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 Golders Green can be a difficult process. We recommend you secure 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 dealing with Golders Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leo owned a studio flat in Golders Green on the market with a lease of just over 61 years outstanding. Leo on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Leo to exercise his statutory right. Leo obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
Last Winter we were called by Mr C Robinson , who was assigned a lease of a garden apartment in Golders Green in June 1997. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Golders Green with a long lease were in the region of £200,000. The average amount of ground rent was £50 billed yearly. The lease lapsed on 18 March 2102. Having 77 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including legals.
An example of a Lease Extension decision for a Golders Green flat is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case affected 1 flat.