Meopham leases on residential deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls below eighty years - otherwise a higher amount will be due. Leasehold owners in Meopham will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In some cases you may not qualify. There are prescribed deadlines and steps to comply with once the process is initiated so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Meopham with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Meopham can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in this area.
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 Meopham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the freeholder of her basement flat in Meopham, Abbie started the lease extension process as the 80 year deadline was swiftly approaching. The transaction was finalised in July 2015. The freeholder’s costs were kept to an absolute minimum.
Last Spring we were e-mailed by Dr E Bennett , who acquired a studio flat in Meopham in July 2005. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Meopham with a long lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed annually. The lease terminated on 20 June 2077. Given that there were 52 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including fees.
Dr Lily Evans moved into a newly refurbished apartment in Meopham in November 2004. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Meopham with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected quarterly. The lease expired in 2097. Given that there were 72 years outstanding we calculated the premium to the landlord for the lease extension to be within £11,400 and £13,200 plus expenses.