The only way is down when it comes to Ladbroke Grove lease terms. Ladbroke Grove properties that have a lease term shorter than eighty years will drop in value at a rapid rate, and the cost to extend your lease will increase.
Leasehold residencies in Ladbroke Grove with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
The conveyancers that we work with handle Ladbroke Grove 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.
Mason owned a conversion apartment in Ladbroke Grove on the market with a lease of fraction over 72 years remaining. Mason on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Mason to invoke his statutory right. Mason procured expert advice and secured an acceptable resolution informally and sell the flat.
Mrs Alisha Mitchell completed a first floor apartment in Ladbroke Grove in September 2009. We are asked if we could estimate the price would be for a ninety year lease extension. Similar flats in Ladbroke Grove with an extended lease were valued about £218,000. The average ground rent payable was £45 invoiced annually. The lease concluded in 2088. Considering the 63 years left we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 not including expenses.
An example of a Lease Extension case for a Ladbroke Grove property is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case related to 1 flat. The remaining number of years on the lease was 60 years.