Laleham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Laleham enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Laleham you must investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Laleham leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is effected without delay
Leasehold premises in Laleham with over 100 years remaining on the lease are sometimes 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant 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. |
| Godiva Mortgages | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you increased control over the value of your Laleham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy negotiations with the landlord of her two bedroom apartment in Laleham, Jordan initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The legal work was concluded in August 2007. The landlord’s costs were kept to an absolute minimum.
Dr Caleb Lee completed a basement apartment in Laleham in February 2007. The dilemma was if we could estimate the price would be for a 90 year lease extension. Similar flats in Laleham with a long lease were in the region of £260,000. The average ground rent payable was £50 invoiced quarterly. The lease came to a finish on 28 January 2098. Given that there were 72 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.
An example of a Lease Extension case for a Laleham flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired lease term was 82.93 years.