Grange Park leases on residential deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Grange Park will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| 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. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Grange Park,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Grange Park valuers.
Last Winter Logan, came seriously close to the eighty-year threshold with the lease on his two bedroom apartment in Grange Park. In buying his property two decades ago, the length of the lease was of no significance. Luckily, he became aware that he needed to take action soon on a lease extension. Logan arranged for a lease extension at the eleventh hour last August. Logan and the freeholder ultimately agreed on sum of £6,000 . If he failed to meet the deadline, the figure would have escalated by a minimum £850.
Mr and Mrs. H Vincent bought a one bedroom apartment in Grange Park in October 2006. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Grange Park with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 billed quarterly. The lease elapsed in 2078. Having 53 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.
An example of a Lease Extension decision for a Grange Park property 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 remaining number of years on the lease was 81.79 years.