The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Crouch End have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Crouch End lease extension. Shelving that expense now simply increases the premium you will eventually be required to pay to extend the lease.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Crouch End can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
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 Crouch End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the freeholder of her purpose-built flat in Crouch End, Danielle initiated the lease extension process as the 80 year deadline was swiftly approaching. The lease extension completed in November 2009. The freeholder’s costs were negotiated to less than 650 GBP.
Dr D Nelson moved into a one bedroom apartment in Crouch End in May 2001. The question was if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable residencies in Crouch End with a long lease were in the region of £250,000. The average amount of ground rent was £50 billed every twelve months. The lease terminated on 18 May 2094. Taking into account 69 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
An example of a Lease Extension decision for a Crouch End premises is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case related to 1 flat. The remaining number of years on the lease was 67.85 years.