St Pancras Lease Extension - Free Consultation

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Main reasons to start your St Pancras lease extension


Main reasons to start your St Pancras lease extension today:

Increase your lease and increase your St Pancras property value

St Pancras leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying St Pancras residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in St Pancras you should see if your lease has between seventy and 90 years left. There are good reasons why a St Pancras leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Most mortgage lenders will be unwilling to lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your St Pancras property becoming difficult to dispose of or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date 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.

What makes us experts in St Pancras lease extensions?

Irrespective of whether you are a tenant or a freeholder in St Pancras,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with St Pancras valuers.

St Pancras Lease Extension Example Cases:

Edward, St Pancras, North London,

Edward owned a studio flat in St Pancras being sold with a lease of a little over 72 years left. Edward on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Edward to invoke his statutory right. Edward procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

St Pancras case:

In 2009 we were called by Ms Rebecca Ward who, having bought a purpose-built flat in St Pancras in October 1996. The question was if we could estimate the price would be to prolong the lease by 90 years. Comparative properties in St Pancras with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 billed monthly. The lease ended on 2 June 2101. Given that there were 77 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.

Decision in Camden

An example of a Lease Extension matter before the tribunal for a St Pancras premises 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 related to 1 flat. The unexpired term as at the valuation date was 66.8 years.