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Top reasons for North End lease extension

Top reasons for lease extension now:

A North End lease depreciates with the years remaining on the lease.

North End residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

North End property with a lease extension is almost the same value as a freehold

Leasehold properties in North End with in excess of one hundred years remaining 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lenders are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Considering many flats in North End were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in North End?

The lawyers that we work with procure North End 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.

North End Lease Extension Example Cases:

Rhiannon, North End, Hampshire,

Following lengthy correspondence with the landlord of her garden apartment in North End, Rhiannon started the lease extension process as the eighty year threshold was swiftly nearing. The lease extension was concluded in June 2012. The freeholder’s costs were negotiated to slightly above 450 GBP.

North End case:

In 2014 we were contacted by Dr Charlotte Peterson who, having owned a first floor flat in North End in August 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar homes in North End with an extended lease were worth £186,000. The mid-range amount of ground rent was £65 billed monthly. The lease expired in 2083. Given that there were 58 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 plus fees.

Decision in Bexley

An example of a Lease Extension decision for a North End flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired term as at the valuation date was 76 years.