Main reasons to start your Ham lease extension
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Main reasons to start your Ham lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/ham">Ham</a> lease depreciates with the years remaining on the lease.
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Ham leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher premium will be payable. Leasehold owners in Ham will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are also strict timetables and formalities to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
<h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.
<h4>Lending institutions will not lend on a short lease</h4> Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your Ham home.
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<tr><th>Lender</th>
<th> Requirement
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<h4>
What makes us experts in Ham lease extensions?
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The lawyers that we work with handle Ham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
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Ham Lease Extension Case Studies:
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<h5> Finley, Ham, Surrey</h5>
<p> In recent months Finley, started to get close to the 80-year threshold with the lease on his ground floor apartment in Ham. In buying his home 19 years previously, the length of the lease was of minimal bearing. Fortunately, he recognised he needed to take action soon on Extending the lease. Finley was able to extend his lease just in the nick of time last July. Finley and the freeholder via the management company subsequently settled on a premium of £6,000 . If the lease had fallen lower than 80 years, the price would have escalated by a minimum £1,050.
<h5>Ham case:</h5>
<p> Mr and Mrs. K Stewart bought a garden flat in Ham in April 1997. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar flats in Ham with an extended lease were in the region of £191,400. The average ground rent payable was £55 invoiced quarterly. The lease elapsed in 2080. Taking into account 54 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 plus costs.
<div> <h5>Decision in Kingston upon Thames</h5>
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An example of a Lease Extension matter before the tribunal for a Ham residence is
Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00)
This case was in relation to 1 flat.
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