Westbury Park leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Westbury Park will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not be entitled. There are also strict timetables and steps to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a landlord in Westbury Park,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Westbury Park valuers.
During the course of the last few months Sam, came perilously near to the eighty-year threshold with the lease on his basement apartment in Westbury Park. In buying his home twenty years ago, the length of the lease was of no concern. by good luck, he became aware that he would soon be paying way over the odds for a lease extension. Sam arranged for a lease extension at the eleventh hour last March. Sam and the freeholder subsequently settled on the final figure of £5,500 . If the lease had descended lower than 80 years, the sum would have escalated by a minimum £1,075.
In 2009 we were contacted by Mr and Mrs. C Young who, having completed a ground floor flat in Westbury Park in August 1997. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Similar homes in Westbury Park with a long lease were valued about £300,000. The average ground rent payable was £50 billed every twelve months. The lease ended on 26 July 2101. Given that there were 76 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.
Last Christmas we were approach by Ms Y Laurent , who bought a one bedroom apartment in Westbury Park in April 2002. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in Westbury Park with 100 year plus lease were in the region of £257,800. The average ground rent payable was £65 invoiced every twelve months. The lease concluded on 2 August 2090. Given that there were 65 years as a residual term we estimated the premium to the landlord to extend the lease to be between £18,100 and £20,800 not including professional charges.