Copse Hill leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the existing lease drops below eighty years - otherwise a higher premium will be payable. Flat owners in Copse Hill will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some situations you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Copse Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 procuring Copse Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Eliot, came perilously close to the 80-year threshold with the lease on his leasehold flat in Copse Hill. In buying his property two decades ago, the length of the lease was of minimal significance. by good luck, he noticed he would imminently be paying an inflated amount for a lease extension. Eliot extended the lease just under the wire in June. Eliot and the freeholder eventually agreed on an amount of £5,500 . If he failed to meet the deadline, the sum would have become more costly by a minimum £1,125.
In 2012 we were contacted by Mr and Mrs. O Wilson who, having was assigned a lease of a newly refurbished apartment in Copse Hill in May 2001. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Comparative properties in Copse Hill with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 collected every twelve months. The lease terminated on 4 April 2080. Given that there were 54 years left we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including fees.
An example of a Lease Extension case for a Copse Hill premises is 83 Balvernie Grove in February 2012. The Tribunal assessed the price to be paid by the leaseholder to the freeholder for the lease extension pursuant to section 48 of the Leasehold Reform Housing & Urban Development Act 1993 should be£16,603.00 This case affected 1 flat. The unexpired lease term was 69.32 years.