The only way is down when it comes to Bayswater lease terms. Bayswater properties that have a remaining term shorter than 80 years will drop in market price even faster, and the cost to extend your lease will increase.
Leasehold residencies in Bayswater with over 100 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Bayswater can be a difficult process. We recommend you obtain professional help from a lawyer 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 procuring Bayswater lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Henry owned a high value flat in Bayswater on the market with a lease of fraction over 61 years unexpired. Henry informally contacted his landlord being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Henry to invoke his statutory right. Henry procured expert legal guidance and secured satisfactory deal informally and readily saleable.
Mr N Carter was assigned a lease of a one bedroom apartment in Bayswater in January 2003. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparative flats in Bayswater with an extended lease were worth £176,200. The mid-range ground rent payable was £65 invoiced quarterly. The lease came to a finish on 19 August 2080. Given that there were 56 years outstanding we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus professional charges.
An example of a Lease Extension case for a Bayswater residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The remaining number of years on the lease was 37.79 years.