As the the remaining lease term of a Pinner domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner than later. The majority of flat owners in Pinner will qualify for this right; nevertheless a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Leeds Building Society | 85 years remaing from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Pinner can be a difficult process. We recommend you obtain 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 Pinner lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Logan, came dangerously close to the 80-year threshold with the lease on his basement apartment in Pinner. Having purchased his home two decades ago, the unexpired term was of little significance. Luckily, he recognised he would imminently be paying an escalated premium for a lease extension. Logan arranged for a lease extension at the eleventh hour last September. Logan and the landlord eventually agreed on an amount of £5,000 . If he had missed the deadline, the premium would have become more exhorbitant by at least £1,125.
Dr Ollie Richardson moved into a garden apartment in Pinner in January 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar flats in Pinner with a long lease were in the region of £265,000. The average ground rent payable was £50 billed per annum. The lease terminated on 11 September 2097. Having 74 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
An example of a Lease Extension decision for a Pinner flat 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 affected 3 flats. The unexpired term was 71 years.