It’s a harsh truth that a Westbury Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Westbury Park property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher amount will be due. Most leasehold owners in Westbury Park will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.
Leasehold properties in Westbury Park with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
| 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. |
Lease extensions in Westbury Park can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
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 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.
In the wake of 9 months of lengthy discussions with the landlord of her one bedroom flat in Westbury Park, Louise initiated the lease extension process as the eighty year deadline was swiftly advancing. The legal work was finalised in May 2005. The freeholder’s fees were restricted to about 700 GBP.
Dr U Harris moved into a first floor flat in Westbury Park in October 1997. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Westbury Park with 100 year plus lease were in the region of £166,800. The mid-range ground rent payable was £50 collected quarterly. The lease terminated in 2075. Taking into account 50 years left we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including professional charges.
In 2013 we were e-mailed by Dr Anna Laurent who, having completed a basement apartment in Westbury Park in February 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable flats in Westbury Park with a long lease were worth £280,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease terminated on 23 July 2095. Taking into account 70 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.