Chances are that if you own a flat in Bowes Park you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.
|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.|
|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.|
|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.|
|Virgin|| 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Bowes Park,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bowes Park valuers.
In the wake of 6 months of unsuccessful negotiations with the landlord of her ground floor apartment in Bowes Park, Georgina commenced the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was concluded in March 2013. The landlord’s charges were kept to an absolute minimum.
Last Spring we were phoned by Dr Imogen Campbell , who owned a newly refurbished flat in Bowes Park in January 1999. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Identical homes in Bowes Park with 100 year plus lease were valued around £191,400. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish in 2073. Considering the 54 years unexpired we approximated the premium to the landlord to extend the lease to be between £34,200 and £39,600 plus professional charges.
An example of a Lease Extension case for a Bowes Park property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The unexpired term was 81.79 years.