Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Carshalton Beeches. Clearly, the length of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the flat or house needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Carshalton Beeches have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. You should give due deliberation before delaying your Carshalton Beeches lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease
Leasehold properties in Carshalton Beeches with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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 Carshalton Beeches can be a difficult process. We recommend you secure guidance from a lawyer 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 a wealth of experience procuring Carshalton Beeches lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Hunter, started to get near to the eighty-year mark with the lease on his leasehold flat in Carshalton Beeches. Having purchased his flat two decades ago, the length of the lease was of no bearing. Luckily, he noticed he would soon be paying an inflated amount for Extending the lease. Hunter was able to extend his lease just under the wire in March. Hunter and the landlord ultimately agreed on the final figure of £5,000 . If the lease had fallen to less than 80 years, the amount would have become more costly by a minimum £875.
Last June we were phoned by Mr and Mrs. N Clarke , who purchased a basement apartment in Carshalton Beeches in March 2000. The question was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparable properties in Carshalton Beeches with a long lease were worth £300,000. The average ground rent payable was £50 billed yearly. The lease came to a finish on 17 July 2102. Having 76 years left we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.
An example of a Freehold Enfranchisement decision for a Carshalton Beeches property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case was in relation to 3 flats. The unexpired lease term was 75 years.