The only way is down when it comes to Hounslow lease terms. Hounslow leaseholds that have a residual term shorter than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will rise.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Using our service gives you increased control over the value of your Hounslow leasehold, as your property will be more valuable and marketable in terms of lease length should you decide 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.
Caleb was the the leasehold owner of a conversion apartment in Hounslow on the market with a lease of fraction over sixty years outstanding. Caleb informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert advice and secured satisfactory resolution informally and sell the flat.
Dr W Gunderson purchased a newly refurbished apartment in Hounslow in January 1996. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Similar flats in Hounslow with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 billed quarterly. The lease lapsed on 4 September 2088. Considering the 63 years unexpired we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of expenses.
An example of a Lease Extension case for a Hounslow flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.