Banstead Lease Extension - Free Consultation

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Before you progress with your lease extension in Banstead
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to start your Banstead lease extension

Top reasons for lease extension now:

A Banstead leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Banstead you actually own a long leasehold interest over your property

Banstead property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be insufficient for lending purposes.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

Get in touch with one of our Banstead lease extension solicitors or enfranchisement solicitors

Lease extensions in Banstead can be a difficult process. We recommend you procure guidance from a lawyer 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 Banstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Banstead Lease Extension Example Cases:

Chantelle, Banstead, Surrey,

Off the back of lengthy discussions with the freeholder of her ground floor flat in Banstead, Chantelle initiated the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension was finalised in May 2014. The landlord’s charges were kept to an absolute minimum.

Banstead case:

In 2009 we were approached by Ms Rachael Morris who, having purchased a one bedroom flat in Banstead in August 2012. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Similar properties in Banstead with an extended lease were in the region of £173,800. The mid-range ground rent payable was £65 invoiced annually. The lease terminated on 7 September 2080. Taking into account 55 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus expenses.

Decision in Sutton

An example of a Lease Extension case for a Banstead property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired lease term was 60.43 years.