The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Coombe Warren have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Do think carefully before delaying your Coombe Warren lease extension. Shelving that expense now simply escalates the amount you will eventually have to pay for a lease extension.
Leasehold residencies in Coombe Warren with over 100 years remaining 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 home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Coombe Warren can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 dealing with Coombe Warren lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the freeholder of her basement flat in Coombe Warren, Courtney started the lease extension process as the eighty year threshold was quickly nearing. The lease extension was concluded in January 2010. The freeholder’s costs were negotiated to about 550 GBP.
Last Christmas we were approach by Mr and Mrs. T Brooks , who completed a studio apartment in Coombe Warren in July 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Coombe Warren with an extended lease were valued around £250,000. The average ground rent payable was £50 billed every twelve months. The lease lapsed on 13 July 2096. Taking into account 70 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.
An example of a Freehold Enfranchisement case for a Coombe Warren property is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The number of years remaining on the existing lease(s) was 98 years.