Laleham leases on domestic deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term is under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Laleham will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain cases you may not qualify. There are prescribed timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| 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. |
| 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 Laleham can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 Laleham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kian was the the leasehold proprietor of a studio flat in Laleham on the market with a lease of just over fifty eight years remaining. Kian on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Kian to invoke his statutory right. Kian obtained expert legal guidance and secured satisfactory deal informally and readily saleable.
Last year we were phoned by Ms S Gunderson , who completed a studio apartment in Laleham in May 2008. The question was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable premises in Laleham with an extended lease were valued about £280,000. The mid-range ground rent payable was £55 invoiced monthly. The lease finished in 2103. Having 77 years left we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.
An example of a Lease Extension matter before the tribunal for a Laleham residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired term was 82.93 years.