Newbury Park leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Newbury Park will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed timetables and procedures to comply with once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Newbury Park with more than 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. 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: • 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 • The value of the property subject to the short remaining term is £500,000 or more AND • 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; |
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Newbury Park can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.
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 Newbury Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the freeholder of her garden apartment in Newbury Park, Catherine commenced the lease extension process as the 80 year mark was swiftly nearing. The legal work was finalised in March 2010. The freeholder’s fees were kept to an absolute minimum.
Last Autumn we were phoned by Mr and Mrs. M Ricardo , who completed a one bedroom apartment in Newbury Park in September 2001. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable homes in Newbury Park with 100 year plus lease were valued around £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease terminated on 4 January 2076. Having 51 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including expenses.
An example of a Lease Extension decision for a Newbury Park flat is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case affected 1 flat. The unexpired lease term was 60.29 years.