As the length of the unexpired term of a St Mary Cray residential lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner than later. The majority of flat owners in St Mary Cray will meet the qualifying criteria; that being said a conveyancer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in St Mary Cray can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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 in-depth market knowledge procuring St Mary Cray lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the freeholder of her two bedroom flat in St Mary Cray, Eleanor initiated the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension was finalised in June 2010. The landlord’s charges were restricted to slightly above 600 pounds.
Dr Y Pérez completed a garden apartment in St Mary Cray in February 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in St Mary Cray with an extended lease were valued around £218,000. The mid-range ground rent payable was £45 billed annually. The lease came to a finish in 2088. Having 63 years left we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of legals.
An example of a Lease Extension decision for a St Mary Cray premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired lease term was 50.57 years.