Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Hillingdon. Inevitably, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Hillingdon have the legal entitlement to extend the lease for an additional 90 years under Leasehold Reform legislation. You should give careful attention before putting off your Hillingdon lease extension. Holding off that expense now only increases the price you will ultimately incur for a lease extension
Leasehold residencies in Hillingdon with more than 100 years outstanding on the lease are often regarded as a ‘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 freehold unless savings on ground rent and service charges merit 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The lawyers that we work with procure Hillingdon 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 conveyancing solicitor we work with provide it.
Off the back of unsuccessful correspondence with the freeholder of her ground floor apartment in Hillingdon, Kirsty commenced the lease extension process as the eighty year mark was rapidly coming. The lease extension completed in February 2014. The landlord’s charges were restricted to a tad over 500 GBP.
Dr Rachel Johnson was assigned a lease of a first floor flat in Hillingdon in November 1997. The question was if we could estimate the price would be for a ninety year extension to my lease. Identical homes in Hillingdon with a long lease were valued around £223,400. The mid-range amount of ground rent was £60 billed annually. The lease expired on 5 February 2084. Having 59 years left we estimated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 plus fees.
An example of a Freehold Enfranchisement case for a Hillingdon flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The unexpired term was 69 years.