As the the remaining lease term of a West Drayton domestic lease lessens so does its value and therefore the value of your property. If the residual term has, beyond 125 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in West Drayton will qualify for this right; however a conveyancing solicitor can advise whether you qualify to extend your lease. 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 generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| 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 West Drayton can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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 a wealth of experience procuring West Drayton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Elijah, started to get near to the eighty-year threshold with the lease on his two bedroom flat in West Drayton. In buying his flat twenty years ago, the unexpired term was of little interest. As luck would have it, he realised he would soon be paying way over the odds for Extending the lease. Elijah arranged for a lease extension at the eleventh hour last August. Elijah and the landlord who owned the flat above ultimately agreed on the final figure of £5,500 . If the lease had gone lower than eighty years, the figure would have increased by a minimum £900.
Mr and Mrs. B François acquired a basement apartment in West Drayton in July 2009. The question was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparable premises in West Drayton with an extended lease were worth £208,200. The mid-range ground rent payable was £65 billed yearly. The lease terminated in 2087. Given that there were 61 years remaining we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including fees.
An example of a Freehold Enfranchisement case for a West Drayton residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired term was 69 years.