Onslow Village leases on domestic properties are gradually losing value. Where your lease has about ninety years left, you should start considering the need for 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 existing lease drops under 80 years - otherwise a higher amount will be payable. Flat owners in Onslow Village will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Onslow Village with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
| 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 get professional help from a lawyer and surveyor with experience in this area.
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.
Following protracted correspondence with the landlord of her studio apartment in Onslow Village, Morgan started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work was finalised in March 2013. The freeholder’s charges were kept to an absolute minimum.
Mr Connor Ward moved into a first floor flat in Onslow Village in August 1995. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical homes in Onslow Village with an extended lease were valued around £200,000. The mid-range ground rent payable was £50 invoiced per annum. The lease terminated on 16 July 2102. Taking into account 77 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.
In 2013 we were contacted by Mr and Mrs. H Torres who, having purchased a ground floor flat in Onslow Village in November 1995. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable residencies in Onslow Village with 100 year plus lease were worth £267,600. The mid-range ground rent payable was £65 billed quarterly. The lease concluded in 2092. Having 67 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of expenses.