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Top reasons for Pinner lease extension


Why you should commence your Pinner lease extension today:

A Pinner leasehold property depreciates with the years remaining on the lease.

Pinner leases on residential properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Pinner will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and formalities to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Pinner with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

Banks and building societies vary in their lending requirements. Some draw the line at seventy five years left on the lease; others may be happy with anything with more than seventy years. Below sixty years, it may be impossible to get a mortgage in the first place.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
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.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Pinner lease extensions?

Retaining our service will provide you better control over the value of your Pinner leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Pinner Lease Extension Example Cases:

Nathaniel, Pinner, North London,

Nathaniel owned a studio apartment in Pinner on the market with a lease of a few days over fifty eight years outstanding. Nathaniel informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Nathaniel to invoke his statutory right. Nathaniel procured expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Pinner case:

In 2010 we were phoned by Mr and Mrs. A Pérez who, having took over the lease of a studio apartment in Pinner in July 2006. The question was if we could estimate the premium would be to prolong the lease by 90 years. Similar premises in Pinner with an extended lease were worth £285,000. The average amount of ground rent was £55 invoiced quarterly. The lease concluded on 5 April 2103. Considering the 79 years remaining we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.

Decision in Hillingdon

An example of a Lease Extension decision for a Pinner residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired lease term was 71 years.