The value of Colliers Wood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is less than 80 years
Leasehold properties in Colliers Wood with more than 100 years remaining 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
|Bank of Scotland|| 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.|
|National Westminster Bank|| Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
|Royal Bank of Scotland||Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
|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 Colliers Wood can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 dealing with Colliers Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy negotiations with the freeholder of her garden apartment in Colliers Wood, Alice started the lease extension process just as her lease was coming close to the crucial 80-year deadline. The transaction was finalised in May 2014. The freeholder’s charges were restricted to slightly above 700 pounds.
Mrs N Watson purchased a newly refurbished flat in Colliers Wood in April 2002. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Colliers Wood with 100 year plus lease were valued about £275,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ran out on 3 March 2096. Considering the 77 years outstanding we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.
An example of a Lease Extension matter before the tribunal for a Colliers Wood premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The number of years remaining on the existing lease(s) was 62.94 years.