Westcliff On Sea leases on residential deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Westcliff On Sea will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in Westcliff On Sea with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
Lease extensions in Westcliff On Sea can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 dealing with Westcliff On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the landlord of her one bedroom apartment in Westcliff On Sea, Lily started the lease extension process as the 80 year threshold was rapidly nearing. The lease extension was concluded in April 2012. The landlord’s charges were negotiated to approximately 600 pounds.
In 2010 we were phoned by Mr H Fournier who, having completed a one bedroom apartment in Westcliff On Sea in October 2009. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Comparable residencies in Westcliff On Sea with an extended lease were worth £183,600. The mid-range ground rent payable was £65 billed every twelve months. The lease ended on 1 August 2082. Given that there were 57 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.
Dr Ashleigh Harris was assigned a lease of a recently refurbished flat in Westcliff On Sea in July 1998. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical premises in Westcliff On Sea with 100 year plus lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease ended on 15 May 2093. Having 68 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.