Chase Side leases on residential properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Chase Side will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Chase Side with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Chase Side can be a difficult process. We recommend you secure professional help 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 a wealth of experience procuring Chase Side lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the landlord of her studio flat in Chase Side, Kate initiated the lease extension process as the eighty year deadline was fast nearing. The transaction was concluded in April 2012. The freeholder’s charges were restricted to a tad over 500 GBP.
Dr Y Anderson purchased a one bedroom apartment in Chase Side in October 2006. The question was if we could approximate the premium would be to prolong the lease by ninety years. Comparable homes in Chase Side with an extended lease were in the region of £290,000. The average ground rent payable was £60 collected every twelve months. The lease came to a finish in 2105. Taking into account 80 years unexpired we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus legals.
An example of a Freehold Enfranchisement matter before the tribunal for a Chase Side premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The remaining number of years on the lease was 70.31 years.