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Why you should commence your Falconwood lease extension


Why you should start your Falconwood lease extension today:

A Falconwood lease depreciates with the years remaining on the lease.

Unfortunately that a Falconwood residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Falconwood property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If the number of years remaining dips under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Falconwood will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you wish to sell your flat in Falconwood if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least seventy years.

Lender Requirement
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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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.

Get in touch with one of our Falconwood lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Falconwood,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Falconwood valuers.

Falconwood Lease Extension Case Studies:

Niamh, Falconwood, South East London,

In the wake of eight months of protracted discussions with the landlord of her leasehold apartment in Falconwood, Niamh commenced the lease extension process as the eighty year deadline was fast nearing. The legal work completed in October 2013. The landlord’s costs were negotiated to a tad over five hundred pounds.

Falconwood case:

Dr A Stewart acquired a one bedroom flat in Falconwood in February 2010. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative properties in Falconwood with an extended lease were worth £208,600. The average amount of ground rent was £60 collected quarterly. The lease expired in 2081. Considering the 57 years left we calculated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including legals.

Decision in Greenwich

An example of a Lease Extension case for a Falconwood premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.