Grange Park leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Grange Park will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Grange Park with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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 warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date 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 |
Using our service gives you increased control over the value of your Grange Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Max owned a 2 bedroom apartment in Grange Park being marketed with a lease of fraction over fifty eight years remaining. Max informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Max to invoke his statutory right. Max procured expert advice and secured satisfactory deal informally and readily saleable.
In 2014 we were phoned by Ms G Fournier who, having was assigned a lease of a one bedroom flat in Grange Park in August 2002. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Similar flats in Grange Park with a long lease were in the region of £246,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease came to a finish on 13 January 2074. Given that there were 50 years as a residual term we approximated the premium to the landlord to extend the lease to be between £44,700 and £51,600 plus costs.
An example of a Lease Extension decision for a Grange Park 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 affected 1 flat. The unexpired lease term was 81.79 years.