The nearer a residential lease in Westbury Park gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than one hundred years remaining then this decrease may be of little impact that being said 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 termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Westbury Park will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Westbury Park with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Westbury Park can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.
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.
Isaac was the the leasehold proprietor of a 2 bedroom apartment in Westbury Park on the market with a lease of a little over sixty years left. Isaac on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert advice and was able to make an informed decision and handle with the matter and sell the flat.
Last year we were e-mailed by Mr W Brooks , who completed a studio apartment in Westbury Park in August 2004. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparative flats in Westbury Park with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 collected yearly. The lease finished on 20 May 2093. Given that there were 67 years left we estimated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 not including legals.
In 2014 we were e-mailed by Mr and Mrs. O Reed who, having moved into a purpose-built flat in Westbury Park in March 2006. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Similar residencies in Westbury Park with an extended lease were in the region of £206,200. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease concluded in 2082. Given that there were 56 years remaining we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus costs.