Seven Kings leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Seven Kings will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain cases you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Seven Kings with over one hundred years unexpired on the lease are often regarded as a ‘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 purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire 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. |
Irrespective of whether you are a tenant or a landlord in Seven Kings,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Seven Kings valuers.
During the course of the last few months Leo, came dangerously close to the 80-year mark with the lease on his studio flat in Seven Kings. In buying his flat two decades ago, the lease term was of no relevance. by good luck, he realised he needed to take steps soon on Extending the lease. Leo extended the lease at the eleventh hour last January. Leo and the landlord subsequently agreed on sum of £5,500 . If he had missed the deadline, the sum would have gone up by a minimum £1,100.
Last Summer we were e-mailed by Mrs T López , who was assigned a lease of a basement flat in Seven Kings in May 1997. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative flats in Seven Kings with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 collected yearly. The lease ended on 24 April 2097. Taking into account 71 years unexpired we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
An example of a Lease Extension case for a Seven Kings residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The number of years remaining on the existing lease(s) was 61.36 years.