Sheen Park leases on residential deteriorating in value. Where your lease has about 90 years remaining, 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. Flat owners in Sheen Park will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain cases you may not qualify. There are also strict deadlines and procedures to comply with once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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 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. |
| 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 |
| 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. |
Irrespective of whether you are a tenant or a landlord in Sheen Park,the lease extension lawyers that we work with will always be willing 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.
Subsequent to lengthy correspondence with the freeholder of her first floor flat in Sheen Park, Shannon initiated the lease extension process as the eighty year mark was fast coming. The lease extension was finalised in October 2005. The landlord’s fees were kept to an absolute minimum.
Mr V Wright bought a ground floor flat in Sheen Park in January 2004. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar flats in Sheen Park with a long lease were worth £256,600. The mid-range amount of ground rent was £60 billed yearly. The lease came to a finish in 2078. Given that there were 52 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 not including professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a Sheen Park property 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 term was 66.25 years.