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Main reasons to commence your Box lease extension

Main reasons to commence your Box lease extension today:

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

The value of Box leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than eighty years

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

Leasehold premises in Box with over 100 years remaining on the lease are sometimes referred to as ‘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 justify it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As a number of flats in Box were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
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.
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.
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 Box lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure Box lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Box Lease Extension Case Studies:

Sophie, Box, Wiltshire,

Off the back of protracted correspondence with the landlord of her studio apartment in Box, Sophie initiated the lease extension process as the eighty year deadline was rapidly coming. The transaction was finalised in May 2008. The landlord’s costs were restricted to slightly above 600 GBP.

Box case:

In 2012 we were approached by Mrs D Alexander who, having bought a purpose-built flat in Box in November 2012. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Identical premises in Box with an extended lease were in the region of £186,000. The mid-range ground rent payable was £65 invoiced yearly. The lease expired on 13 April 2083. Taking into account 58 years outstanding we approximated the premium to the freeholder for the lease extension to be within £24,700 and £28,600 not including legals.

Box case:

Last Autumn we were contacted by Dr Gabriel Girard , who acquired a basement flat in Box in June 2002. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Similar properties in Box with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 collected quarterly. The lease finished in 2094. Taking into account 69 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.