The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Canning Town may extend the lease for a further ninety years under statute. Do think carefully before delaying your Canning Town lease extension. Postponing that expense now simply escalates the price you will ultimately have to pay to extend the lease.
Leasehold premises in Canning Town with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Retaining our service gives you enhanced control over the value of your Canning Town leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Luca, came precariously close to the eighty-year threshold with the lease on his basement apartment in Canning Town. In buying his home two decades ago, the length of the lease was of little significance. Luckily, he realised he needed to take steps soon on Extending the lease. Luca extended the lease just under the wire last July. Luca and the landlord subsequently agreed on the final figure of £5,000 . If the lease had dropped below 80 years, the premium would have gone up by a minimum £1,150.
Dr Katie Parker was assigned a lease of a purpose-built apartment in Canning Town in September 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Canning Town with 100 year plus lease were in the region of £245,000. The mid-range amount of ground rent was £50 billed annually. The lease terminated on 26 November 2092. Given that there were 68 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.
An example of a Lease Extension decision for a Canning Town residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The remaining number of years on the lease was 69.77 years.