As the the remaining lease term of a Avery Hill domestic lease decreases so does its value and therefore the value of your property. If the residual term has, over 125 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner than later. Many flat owners in Avery Hill will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
Lease extensions in Avery Hill can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.
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 Avery Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the freeholder of her first floor flat in Avery Hill, Morgan commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The legal work completed in February 2011. The freeholder’s charges were kept to an absolute minimum.
In 2013 we were e-mailed by Mr and Mrs. I Flores who, having was assigned a lease of a one bedroom flat in Avery Hill in April 2012. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar properties in Avery Hill with an extended lease were in the region of £193,400. The average ground rent payable was £65 invoiced every twelve months. The lease lapsed in 2085. Considering the 59 years remaining we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus legals.
An example of a Lease Extension case for a Avery Hill residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.