Onslow Village leases on residential properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease falls lower than eighty years - otherwise a higher premium will be payable. Flat owners in Onslow Village will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain cases you may not qualify. There are also strict deadlines and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
Lease extensions in Onslow Village can be a difficult process. We recommend you obtain guidance from a lawyer 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 in-depth market knowledge dealing with Onslow Village lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her garden flat in Onslow Village, Abbie commenced the lease extension process just as the lease was coming close to the critical 80-year deadline. The transaction was concluded in April 2005. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. E Laurent acquired a basement apartment in Onslow Village in March 2006. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical flats in Onslow Village with an extended lease were in the region of £250,400. The mid-range ground rent payable was £65 collected annually. The lease termination date was on 16 September 2090. Having 64 years remaining we calculated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of fees.
Mr and Mrs. W Phillips acquired a basement apartment in Onslow Village in May 2004. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Comparative properties in Onslow Village with an extended lease were in the region of £184,000. The mid-range amount of ground rent was £55 billed annually. The lease finished in 2079. Considering the 53 years left we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus professional charges.