Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Westbury Park. Clearly, the period of lease left shortens over time. This is often ignored and only becomes a problem when the residence has to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Westbury Park have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. You should give careful deliberation before putting off your Westbury Park lease extension. Putting off that expense now only increases the price you will ultimately incur for a lease extension
Leasehold residencies in Westbury Park with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Westbury Park can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Westbury Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago James, started to get close to the eighty-year mark with the lease on his leasehold flat in Westbury Park. In buying his home two decades ago, the length of the lease was of no interest. As luck would have it, he became aware that he would imminently be paying way over the odds for a lease extension. James was able to extend his lease just in the nick of time in August. James and the landlord who owned the flat above in the end settled on the final figure of £5,000 . If the lease had fallen to less than 80 years, the premium would have escalated by at least £950.
In 2014 we were phoned by Mr and Mrs. L Nelson who, having owned a recently refurbished apartment in Westbury Park in July 2003. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Identical premises in Westbury Park with 100 year plus lease were worth £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease ended in 2078. Taking into account 52 years remaining we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of costs.
In 2014 we were approached by Dr Theo Watson who, having took over the lease of a basement flat in Westbury Park in August 2009. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Similar homes in Westbury Park with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £45 collected yearly. The lease expired on 24 May 2098. Given that there were 72 years outstanding we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.