Grahame Park leases on domestic deteriorating in value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Grahame Park will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 Grahame Park can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
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 Grahame Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Arthur, came perilously near to the 80-year threshold with the lease on his purpose- built flat in Grahame Park. Having purchased his property two decades ago, the length of the lease was of no interest. Luckily, he realised he needed to take steps soon on a lease extension. Arthur was able to extend his lease just in the nick of time in May. Arthur and the landlord eventually settled on an amount of £5,000 . If he not met the deadline, the figure would have become more costly by at least £1,150.
In 2010 we were approached by Mr Nathan Vincent who, having acquired a garden apartment in Grahame Park in May 2008. The question was if we could estimate the price could be to prolong the lease by 90 years. Comparable premises in Grahame Park with a long lease were in the region of £203,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ran out on 27 October 2086. Given that there were 61 years outstanding we approximated the premium to the landlord for the lease extension to be between £20,000 and £23,000 plus legals.
An example of a Freehold Enfranchisement matter before the tribunal for a Grahame Park residence is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case affected 2 flats. The unexpired residue of the current lease was 71.5 years.