The closer a residential lease in Westbury Park gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 125 years to run then this decrease may be negligible however there will become a stage when a lease has less than eighty years unexpired 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 reason why you should consider extending without delay. Many flat owners in Westbury Park will meet the qualifying criteria; that being said a lawyer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Westbury Park with over 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 property. In such circumstances there is often little to be gained by purchasing the reversionary interest 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. |
| 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. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Westbury Park,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Westbury Park valuers.
Trailing lengthy discussions with the freeholder of her ground floor apartment in Westbury Park, Alice started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction was finalised in April 2012. The freeholder’s charges were negotiated to about 500 pounds.
Dr V Khan completed a one bedroom flat in Westbury Park in September 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Comparative properties in Westbury Park with an extended lease were valued around £280,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease finished on 7 November 2095. Taking into account 70 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.
Mr Leo Sharif moved into a ground floor apartment in Westbury Park in November 2005. We are asked if we could estimate the price would be for a 90 year lease extension. Similar properties in Westbury Park with an extended lease were valued around £223,400. The mid-range ground rent payable was £60 collected monthly. The lease elapsed in 2084. Taking into account 59 years outstanding we estimated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including fees.