Benson leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Benson will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. 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 lawyer during the process.
Leasehold properties in Benson with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
Lease extensions in Benson can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.
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 Benson lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Leon, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Benson. Having bought his flat two decades ago, the lease term was of no bearing. by good luck, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Leon arranged for a lease extension just in the nick of time in March. Leon and the landlord who owned the flat above eventually agreed on sum of £5,500 . If the lease had fallen lower than 80 years, the figure would have become more exhorbitant by a minimum £1,025.
Last Summer we were called by Mr and Mrs. O Ward , who took over the lease of a one bedroom apartment in Benson in May 2000. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in Benson with an extended lease were valued around £242,600. The average ground rent payable was £45 billed yearly. The lease expired on 21 January 2093. Taking into account 67 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including professional charges.
Mrs Sarah Bailey took over the lease of a one bedroom apartment in Benson in November 2011. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparative premises in Benson with a long lease were worth £280,000. The average amount of ground rent was £55 billed every twelve months. The lease ran out on 2 October 2104. Given that there were 78 years unexpired we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including expenses.