Preston Park leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual 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 Preston Park will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In some situations you may not qualify. There are prescribed deadlines and steps to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Preston Park with more than 100 years remaining on the lease are often 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 purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Preston Park can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 procuring Preston Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the freeholder of her leasehold flat in Preston Park, Nicole started the lease extension process as the eighty year threshold was swiftly approaching. The lease extension was finalised in March 2013. The landlord’s charges were negotiated to below 450 pounds.
Last Christmas we were approach by Mrs F Taylor , who was assigned a lease of a recently refurbished flat in Preston Park in November 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable residencies in Preston Park with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 billed every twelve months. The lease expiry date was on 5 November 2096. Having 70 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.
Last Summer we were contacted by Dr A Young , who took over the lease of a basement apartment in Preston Park in April 2001. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar properties in Preston Park with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 billed yearly. The lease expired in 2076. Having 50 years remaining we calculated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 not including fees.