Main reasons to commence your Lisson Grove lease extension
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Why you should commence your Lisson Grove lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/lisson-grove">Lisson Grove</a> property value </h4>
<p> When it comes to residential leasehold premises in Lisson Grove, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than eighty years left. Leasehold owners in Lisson Grove with a lease nearing 81 years unexpired should seriously think of extending it sooner than later. Once a lease has under 80 years outstanding, under the relevant legislation the landlord is entitled to calculate and charge a larger amount, assessed on a technical multiplication, known as “marriage value” which is payable. <h4>Lisson Grove property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold residencies in Lisson Grove with more than one hundred years outstanding 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 maintenance charges warrant it. <h4>Banks and Building Societies will not issue a mortgage on a short lease</h4> Banks and building societies are distinct in their lending requirements. Some draw the line at seventy five years left on the lease; others may be willing to lend with anything over seventy years. With less than 60 years, it may be difficult to obtain a mortgage at all.
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<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Barclays plc</td>
<td> Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).<br /><br />Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.<br /><br />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:<br /><br />• 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<br />• The value of the property subject to the short remaining term is £500,000 or more AND<br />• 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;
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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Why use us for your lease extension in Lisson Grove? </h4>
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Lease extensions in Lisson Grove can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.
<p>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 Lisson Grove lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Lisson Grove Lease Extension Example Cases:
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<h5> Jonathan, Lisson Grove, London,</h5>
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Jonathan was the the leasehold owner of a high value flat in Lisson Grove being sold with a lease of just over 61 years remaining. Jonathan informally approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jonathan to exercise his statutory right. Jonathan procured expert advice and secured an acceptable deal informally and sell the flat.
<h5>Lisson Grove case:</h5>
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Last month we were called by Mr and Mrs. G White , who
moved into a one bedroom apartment in Lisson Grove in September 2005. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Comparative homes in Lisson Grove with an extended lease were worth £280,000. The mid-range ground rent payable was £45 billed per annum. The lease lapsed in 2096. Considering the 70 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.
<div> <h5>Decision in Westminster</h5>
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An example of a Lease Extension case for a Lisson Grove property is
Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00
This case was in relation to 2 flats. The unexpired term was 24.02 years.
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