Upminster Bridge leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Upminster Bridge will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and formalities to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 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 |
Regardless of whether you are a tenant or a freeholder in Upminster Bridge,the lease extension solicitors 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 Upminster Bridge valuers.
After protracted correspondence with the landlord of her studio apartment in Upminster Bridge, Bethan commenced the lease extension process just as the lease was approaching the crucial eighty-year deadline. The transaction was finalised in May 2015. The landlord’s charges were kept to an absolute minimum.
Mr and Mrs. K Gunderson bought a garden flat in Upminster Bridge in October 2004. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Similar homes in Upminster Bridge with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 invoiced annually. The lease ended on 27 February 2084. Considering the 58 years unexpired we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus professional charges.
An example of a Lease Extension decision for a Upminster Bridge property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The remaining number of years on the lease was 57.5 years.