Pinner leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Pinner will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some cases you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
Engaging our service will provide you increased control over the value of your Pinner leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted correspondence with the landlord of her purpose-built apartment in Pinner, Ella commenced the lease extension process just as her lease was approaching the crucial 80-year mark. The legal work was concluded in March 2012. The freeholder’s fees were kept to an absolute minimum.
Last Autumn we were approach by Dr Jacob Davies , who acquired a studio apartment in Pinner in April 2004. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparative homes in Pinner with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease expired in 2094. Having 70 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.
An example of a Lease Extension case for a Pinner property 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.