On the balance of probabilities where you own a flat in Palmers Green you actually own a long leasehold interest over your property
Leasehold properties in Palmers Green with more than one hundred years remaining on the lease are sometimes 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 maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Palmers Green can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Palmers Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Evan, came seriously near to the 80-year threshold with the lease on his garden apartment in Palmers Green. In buying his property two decades ago, the lease term was of no concern. As luck would have it, he realised he would imminently be paying way over the odds for Extending the lease. Evan extended the lease just in the nick of time in July. Evan and the freeholder subsequently agreed on the final figure of £5,500 . If he not met the deadline, the price would have gone up by a minimum £925.
In 2013 we were phoned by Mr Adam Davis who, having completed a one bedroom apartment in Palmers Green in July 2009. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Palmers Green with a long lease were in the region of £257,800. The average ground rent payable was £65 invoiced per annum. The lease ran out on 27 November 2091. Having 65 years as a residual term we estimated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of costs.
An example of a Lease Extension case 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 related to 1 flat. The unexpired residue of the current lease was 81.79 years.