On the balance of probabilities if you own a flat in Carshalton you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
Lease extensions in Carshalton 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 Carshalton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Edward owned a high value apartment in Carshalton being marketed with a lease of a little over 59 years unexpired. Edward on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Edward to exercise his statutory right. Edward procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Last Summer we were phoned by Mr P Laurent , who completed a basement apartment in Carshalton in July 1999. The question was if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Carshalton with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease ran out on 8 September 2100. Considering the 75 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.
An example of a Freehold Enfranchisement decision for a Carshalton residence is 21 & 23 Carshalton Grove in May 2009. the Tribunal adopted the figures presented as the premiums payable by the Applicant i.e. a total of £20,750. This case affected 2 flats. The unexpired residue of the current lease was 72 years.