The only way is down when it comes to Northwick Park lease terms. Northwick Park leaseholds that have a remaining term less than than 80 years will reduce in market price at a rapid rate, and the cost of extending your lease will increase.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Northwick Park can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in lease extensions.
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 procuring Northwick Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy discussions with the freeholder of her studio apartment in Northwick Park, Amber commenced the lease extension process as the 80 year mark was rapidly coming. The transaction was concluded in May 2006. The landlord’s fees were kept to an absolute minimum.
Mrs Kayleigh Cook bought a studio apartment in Northwick Park in June 2004. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Identical flats in Northwick Park with an extended lease were valued about £235,200. The mid-range amount of ground rent was £45 collected yearly. The lease lapsed in 2092. Considering the 66 years as a residual term we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.
An example of a Lease Extension decision for a Northwick Park flat is Ground Floor Flat 17 Frognal Avenue in April 2012. the Tribunal agreed that a value of £160,000 for the extended lease was appropriate. This case was in relation to 1 flat. The unexpired term as at the valuation date was 61.66 years.