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Main reasons to start your Victoria Park lease extension


Main reasons to start your Victoria Park lease extension today:

A Victoria Park leasehold property depreciates with the years remaining on the lease.

Victoria Park leases on residential deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Victoria Park will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not finance a property on a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term goes beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Victoria Park property.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Victoria Park?

Lease extensions in Victoria Park can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 in-depth market knowledge dealing with Victoria Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Victoria Park Lease Extension Case Summaries:

James, Victoria Park, Cardiff

16 months ago James, started to get near to the eighty-year threshold with the lease on his basement apartment in Victoria Park. In buying his property two decades ago, the lease term was of little importance. As luck would have it, he recognised he needed to take action soon on Extending the lease. James arranged for a lease extension at the eleventh hour in January. James and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If he had missed the deadline, the figure would have gone up by at least £1,050.

Victoria Park case:

In 2012 we were called by Mr and Mrs. U Richardson who, having bought a first floor flat in Victoria Park in October 2006. We are asked 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 flats in Victoria Park with a long lease were worth £250,400. The average ground rent payable was £65 invoiced quarterly. The lease end date was on 8 January 2088. Taking into account 64 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 not including professional charges.

Victoria Park case:

Mr and Mrs. O Reed acquired a purpose-built apartment in Victoria Park in October 1999. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar homes in Victoria Park with an extended lease were valued about £189,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease concluded in 2077. Considering the 53 years outstanding we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.