The only way is down when it comes to Palmers Green lease terms. Palmers Green flats that have a remaining term shorter than eighty years will reduce in value at a rapid rate, and the cost to extend your lease will go up.
Leasehold residencies in Palmers Green with in excess of one hundred years outstanding 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Yorkshire 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. |
Retaining our service gives you enhanced control over the value of your Palmers Green leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Seth was the the leasehold owner of a studio flat in Palmers Green on the market with a lease of a little over 61 years unexpired. Seth informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Seth to exercise his statutory right. Seth obtained expert legal guidance and secured satisfactory deal informally and readily saleable.
In 2012 we were phoned by Mr and Mrs. M Turner who, having was assigned a lease of a newly refurbished apartment in Palmers Green in June 1999. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Identical flats in Palmers Green with a long lease were valued around £300,000. The average amount of ground rent was £50 billed every twelve months. The lease termination date was in 2102. Having 76 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including professional charges.
An example of a Lease Extension decision for a Palmers Green flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The unexpired term was 81.79 years.