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Main reasons to commence your Pinner lease extension


Top reasons for lease extension now:

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

Pinner leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Pinner enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Pinner you must investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Pinner property with a lease extension is almost the same value as a freehold

Leasehold properties in Pinner with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders will not issue a mortgage on a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

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. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
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
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Pinner lease extensions?

Retaining our service gives you enhanced control over the value of your Pinner leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pinner Lease Extension Example Cases:

Francesca, Pinner, North London,

Subsequent to unsuccessful negotiations with the freeholder of her two bedroom apartment in Pinner, Francesca started the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction was concluded in April 2009. The freeholder’s fees were kept to an absolute minimum.

Pinner case:

In 2009 we were called by Mr M Dupont who, having bought a studio apartment in Pinner in August 2004. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Identical properties in Pinner with a long lease were worth £280,000. The average amount of ground rent was £55 billed per annum. The lease elapsed in 2099. Given that there were 78 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.

Decision in Hillingdon

An example of a Lease Extension case 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 residue of the current lease was 71 years.