Quinton leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Quinton will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some circumstances you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Quinton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Quinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the landlord of her one bedroom apartment in Quinton, Tia initiated the lease extension process as the 80 year deadline was rapidly approaching. The transaction was finalised in April 2010. The landlord’s fees were restricted to a tad over 500 pounds.
Mr and Mrs. E Evans bought a purpose-built flat in Quinton in October 2003. The question was if we could approximate the premium would likely be for a ninety year lease extension. Comparative properties in Quinton with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease came to a finish in 2087. Considering the 61 years left we estimated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including legals.
In 2009 we were called by Dr K Ali who, having moved into a one bedroom flat in Quinton in May 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Quinton with a long lease were worth £166,800. The mid-range amount of ground rent was £50 billed monthly. The lease finished in 2076. Given that there were 50 years unexpired we approximated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of costs.