The only way is down when it comes to Sheen Park lease terms. Sheen Park flats that have a residual term shorter than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Sheen Park with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| 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. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Sheen Park,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Sheen Park valuers.
18 months ago Aarav, came perilously close to the eighty-year threshold with the lease on his ground floor flat in Sheen Park. Having purchased his property twenty years previously, the lease term was of minimal interest. by good luck, he recognised he needed to take steps soon on a lease extension. Aarav arranged for a lease extension at the eleventh hour in April. Aarav and the freeholder via the management company in the end settled on an amount of £6,000 . If he not met the deadline, the premium would have become more costly by at least £1,075.
Mr and Mrs. F Carter was assigned a lease of a purpose-built flat in Sheen Park in June 2010. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparable properties in Sheen Park with 100 year plus lease were in the region of £235,200. The mid-range ground rent payable was £45 invoiced yearly. The lease ran out on 9 July 2092. Having 66 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.
An example of a Freehold Enfranchisement decision for a Sheen Park residence is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired lease term was 66.25 years.