Chances are that where you own a flat in Notting Hill you actually own a long leasehold interest over your property
Leasehold residencies in Notting Hill with over 100 years unexpired 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
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. |
National Westminster Bank | Mortgage term plus 30 years. |
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. |
Using our service gives you increased control over the value of your Notting Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted negotiations with the landlord of her purpose-built flat in Notting Hill, Sophie initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction was finalised in April 2008. The landlord’s fees were negotiated to slightly above 700 GBP.
In 2011 we were called by Mr A Rose who, having moved into a one bedroom apartment in Notting Hill in October 2006. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Comparable homes in Notting Hill with an extended lease were valued around £203,200. The average amount of ground rent was £65 invoiced yearly. The lease concluded in 2086. Having 61 years outstanding we estimated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including fees.
An example of a Lease Extension matter before the tribunal for a Notting Hill flat is 2 Grove House 95 Addison Road in October 2013. the Tribunal decided that the premium to bepaid for a new lease is £50,050. This case was in relation to 1 flat. The unexpired residue of the current lease was 68.4 years.