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Main reasons to commence your Forty Hill lease extension

Why you should commence your Forty Hill lease extension today:

A Forty Hill leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Forty Hill you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Forty Hill with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to lend with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland 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.
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

What makes us experts in Forty Hill lease extensions?

Regardless of whether you are a tenant or a freeholder in Forty Hill,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Forty Hill valuers.

Forty Hill Lease Extension Example Cases:

Leon, Forty Hill, North London

Last Winter Leon, started to get close to the eighty-year mark with the lease on his two bedroom flat in Forty Hill. Having purchased his home twenty years previously, the length of the lease was of no importance. Thankfully, he recognised he needed to take steps soon on a lease extension. Leon was able to extend his lease just in the nick of time in January. Leon and the freeholder subsequently settled on an amount of £5,000 . If he not met the deadline, the premium would have become more exhorbitant by a minimum £1,125.

Forty Hill case:

Last Autumn we were contacted by Mr L López , who was assigned a lease of a basement flat in Forty Hill in September 2010. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable residencies in Forty Hill with a long lease were valued about £189,000. The average ground rent payable was £55 collected every twelve months. The lease lapsed on 14 October 2078. Considering the 53 years left we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of professional charges.

Decision in Haringey

An example of a Lease Extension case for a Forty Hill flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The unexpired term was 81.79 years.