Unfortunately that a De Beauvoir Town residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the De Beauvoir Town property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be due. Most leasehold owners in De Beauvoir Town will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer throughout the process.
Leasehold premises in De Beauvoir Town with more than 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Coventry Building Society | 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 De Beauvoir Town can be a difficult process. We recommend you secure 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 in-depth market knowledge procuring De Beauvoir Town lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy correspondence with the landlord of her studio apartment in De Beauvoir Town, Abbie initiated the lease extension process as the eighty year deadline was quickly approaching. The lease extension was finalised in October 2007. The freeholder’s costs were negotiated to slightly above 450 pounds.
In 2013 we were called by Ms U Thompson who, having purchased a first floor apartment in De Beauvoir Town in April 2000. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative homes in De Beauvoir Town with a long lease were worth £176,200. The average ground rent payable was £65 billed quarterly. The lease lapsed on 17 March 2081. Given that there were 56 years remaining we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 exclusive of costs.
An example of a Lease Extension decision for a De Beauvoir Town premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The unexpired term was 80.5 years.