As the the remaining lease term of a Green Street Green domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, more than 125 years to run then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. Most flat owners in Green Street Green will meet the qualifying criteria; that being said a lawyer will be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Green Street Green can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.
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 a wealth of experience procuring Green Street Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter John, came critically close to the 80-year threshold with the lease on his purpose- built apartment in Green Street Green. Having bought his flat 19 years previously, the lease term was of no significance. Luckily, it dawned on him that he would soon be paying an inflated amount for a lease extension. John arranged for a lease extension at the eleventh hour in June. John and the landlord who owned the flat above subsequently settled on an amount of £5,000 . If he not met the deadline, the figure would have gone up by at least £1,050.
Mr Jayden Moore was assigned a lease of a one bedroom flat in Green Street Green in September 1998. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Identical flats in Green Street Green with a long lease were valued about £223,400. The average ground rent payable was £60 invoiced quarterly. The lease elapsed on 10 March 2084. Considering the 59 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 exclusive of expenses.
An example of a Lease Extension matter before the tribunal for a Green Street Green property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired term was 50.57 years.