With a domestic leasehold premises in Northfleet, you are actually buying an entitlement to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly once there are fewer than 80 years left. Anyone in Northfleet with a lease nearing 81 years unexpired should seriously consider extending it without delay. When a lease has under 80 years left, under the current statute the freeholder can calculate and charge a larger amount, based on a technical computation, strangely termed as “marriage value” which is due.
It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Northfleet can be a difficult process. We recommend you secure professional help from a lawyer and surveyor 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 a wealth of experience dealing with Northfleet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her garden apartment in Northfleet, Alexandra commenced the lease extension process as the eighty year mark was swiftly coming. The lease extension completed in February 2005. The landlord’s costs were restricted to a tad over 700 pounds.
In 2011 we were called by Ms L Phillips who, having took over the lease of a one bedroom flat in Northfleet in November 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Similar residencies in Northfleet with 100 year plus lease were in the region of £174,200. The mid-range ground rent payable was £55 collected annually. The lease ran out on 6 May 2077. Given that there were 51 years remaining we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including fees.
Last Summer we were called by Dr R Lefèvre , who bought a one bedroom apartment in Northfleet in April 1996. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical residencies in Northfleet with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 invoiced annually. The lease expired in 2097. Given that there were 71 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.