The nearer a residential lease in Iver nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond one hundred years to run then this decrease may be fractional however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease sooner rather than later. Many flat owners in Iver will qualify for this right; nevertheless a conveyancer will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Iver with in excess of one hundred years unexpired 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 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 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis 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. |
Lease extensions in Iver can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Iver lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Charlie owned a conversion apartment in Iver on the market with a lease of a little over 72 years outstanding. Charlie on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Charlie to exercise his statutory right. Charlie procured expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.
In 2012 we were contacted by Mr and Mrs. G Collins who, having purchased a newly refurbished flat in Iver in February 2009. The question was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Identical homes in Iver with an extended lease were worth £210,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease lapsed in 2087. Given that there were 62 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 plus fees.
An example of a Freehold Enfranchisement decision for a Iver residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired residue of the current lease was 69 years.