Greenford leases on residential properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease falls under 80 years - otherwise a higher amount will be due. Leasehold owners in Greenford will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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 Greenford can be a difficult process. We recommend you get professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Greenford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Stanley, came perilously close to the eighty-year mark with the lease on his first floor flat in Greenford. Having purchased his flat 18 years ago, the length of the lease was of little bearing. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Stanley was able to extend his lease just ahead of time in April. Stanley and the landlord eventually settled on sum of £5,000 . If the lease had slid to less than 80 years, the price would have gone up by at least £875.
Mr and Mrs. F Johnson moved into a ground floor flat in Greenford in November 2003. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Greenford with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease came to a finish on 15 November 2098. Taking into account 73 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.
An example of a lease Extension case for a Greenford residence is 25 Beechwood Avenue in November 2012. the Tribunal accordingly determined that the premium for the lease extension should be £24,353. This case related to 1 flat. The unexpired term as at the valuation date was 58.19 years.