Pinner leases on residential deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. If lease term is less than 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 your landlord. Marriage value is the amount of additional 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 conveyancer to confirm if you qualify. In some circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
Leasehold properties in Pinner with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| 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 |
| 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 Pinner can be a difficult process. We recommend you obtain professional help 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 dealing with Pinner 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 freeholder of her purpose-built apartment in Pinner, Melissa initiated the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension was concluded in February 2009. The landlord’s charges were negotiated to a tad over 500 GBP.
In 2011 we were approached by Mr and Mrs. J Rose who, having purchased a studio apartment in Pinner in September 1995. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparable residencies in Pinner with 100 year plus lease were valued about £168,800. The average ground rent payable was £60 collected per annum. The lease concluded in 2080. Having 55 years outstanding we calculated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus expenses.
An example of a Lease Extension matter before the tribunal for a Pinner premises 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 related to 3 flats. The unexpired term was 71 years.