The only way is down when it comes to Pentonville lease terms. Pentonville flats that have a lease term less than than 80 years will reduce in value even faster, and the cost of extending your lease will increase.
Leasehold properties in Pentonville with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Pentonville 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 Pentonville lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the freeholder of her first floor flat in Pentonville, Yasmin initiated the lease extension process as the 80 year deadline was quickly coming. The transaction was concluded in February 2012. The landlord’s fees were restricted to less than 600 GBP.
Dr R Howard purchased a purpose-built apartment in Pentonville in November 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Similar homes in Pentonville with an extended lease were valued about £295,000. The average ground rent payable was £45 collected every twelve months. The lease elapsed in 2099. Considering the 74 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a Pentonville residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired residue of the current lease was 66.8 years.