Shenley Brook End leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher amount will be due. Flat owners in Shenley Brook End will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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 Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Shenley Brook End can be a difficult process. We recommend you get professional help from a lawyer 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 a wealth of experience procuring Shenley Brook End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago William, started to get near to the 80-year mark with the lease on his first floor apartment in Shenley Brook End. In buying his flat 18 years previously, the unexpired term was of little significance. by good luck, he recognised he needed to take steps soon on Extending the lease. William extended the lease at the eleventh hour in March. William and the freeholder via the management company in the end agreed on an amount of £5,500 . If the lease had dropped to less than eighty years, the figure would have increased by a minimum £1,025.
Last month we were approach by Mr V Flores , who purchased a newly refurbished flat in Shenley Brook End in March 2002. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable premises in Shenley Brook End with an extended lease were valued about £240,600. The average amount of ground rent was £60 invoiced monthly. The lease expired on 26 September 2087. Having 62 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of fees.
Mrs Ellen Wright completed a ground floor apartment in Shenley Brook End in October 2003. The question was if we could approximate the price would be for a ninety year lease extension. Identical residencies in Shenley Brook End with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed on 12 June 2076. Considering the 51 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.