Unfortunately that a Bush Hill Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Bush Hill Park property market.Once your lease gets to 85ish years, you should start considering a lease extension. If the number of years remaining falls under eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most leasehold owners in Bush Hill Park will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the formalities.
Leasehold properties in Bush Hill Park with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| Godiva Mortgages | 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. |
Lease extensions in Bush Hill Park can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.
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 Bush Hill Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the freeholder of her basement flat in Bush Hill Park, Rachael commenced the lease extension process just as her lease was nearing the crucial eighty-year threshold. The lease extension was concluded in February 2011. The freeholder’s costs were negotiated to under 700 GBP.
Last year we were approach by Dr T Cook , who took over the lease of a one bedroom flat in Bush Hill Park in October 2011. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Similar residencies in Bush Hill Park with a long lease were worth £220,400. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease terminated on 25 January 2089. Having 64 years unexpired we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of expenses.
An example of a Lease Extension matter before the tribunal for a Bush Hill Park premises 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 remaining number of years on the lease was 81.79 years.