The market value of Westbury Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than eighty years
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. 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. |
| 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. |
| 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 Westbury Park can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 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.
Jack was the the leasehold proprietor of a studio flat in Westbury Park on the market with a lease of just over sixty years left. Jack on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Jack to exercise his statutory right. Jack obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
In 2011 we were contacted by Mr and Mrs. E Torres who, having moved into a ground floor apartment in Westbury Park in March 2002. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Westbury Park with a long lease were in the region of £295,000. The mid-range ground rent payable was £50 collected quarterly. The lease ran out in 2101. Given that there were 75 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.
Dr H Roberts bought a ground floor apartment in Westbury Park in January 1998. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable residencies in Westbury Park with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 billed per annum. The lease lapsed on 6 November 2090. Considering the 64 years left we estimated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of expenses.