Bowes Park leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term dips under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the usual 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 Bowes Park will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has started so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Bowes Park can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Bowes Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Mason, came very near to the 80-year threshold with the lease on his ground floor apartment in Bowes Park. Having purchased his property twenty years previously, the length of the lease was of no relevance. Luckily, he noticed he needed to take steps soon on a lease extension. Mason arranged for a lease extension at the eleventh hour last May. Mason and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,075.
Dr Cameron Thompson acquired a one bedroom apartment in Bowes Park in March 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparative premises in Bowes Park with an extended lease were worth £267,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease terminated in 2093. Considering the 67 years remaining we estimated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 not including costs.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The unexpired lease term was 81.79 years.