As the the remaining lease term of a Pinnerwood Park domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, beyond one hundred years to run then this decrease may be of little impact however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner than later. Many flat owners in Pinnerwood Park will meet the qualifying criteria; nevertheless a lawyer can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
The conveyancing solicitors that we work with handle Pinnerwood Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
After unsuccessful correspondence with the freeholder of her garden flat in Pinnerwood Park, Francesca initiated the lease extension process just as the lease was nearing the critical 80-year threshold. The transaction was finalised in June 2014. The freeholder’s fees were negotiated to less than 600 pounds.
Mr and Mrs. E Howard owned a ground floor apartment in Pinnerwood Park in July 1997. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Identical flats in Pinnerwood Park with 100 year plus lease were in the region of £261,600. The average ground rent payable was £60 collected monthly. The lease concluded in 2078. Considering the 52 years remaining we calculated the premium to the landlord for the lease extension to be between £39,000 and £45,000 plus expenses.
Mrs U Bell purchased a first floor flat in Pinnerwood Park in September 1995. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical properties in Pinnerwood Park with a long lease were valued around £218,000. The average amount of ground rent was £45 invoiced every twelve months. The lease finished in 2089. Taking into account 63 years as a residual term we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 not including professional charges.