Shepherd's Bush leases on domestic deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Shepherd's Bush will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Shepherd's Bush with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Shepherd's Bush,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Shepherd's Bush valuers.
Arthur was the the leasehold proprietor of a conversion flat in Shepherd's Bush being sold with a lease of fraction over 61 years remaining. Arthur on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be due on a lease extension were Arthur to exercise his statutory right. Arthur procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Last year we were phoned by Mr Eliot Laurent , who took over the lease of a ground floor flat in Shepherd's Bush in June 2006. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparable flats in Shepherd's Bush with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded on 16 January 2104. Having 78 years remaining we approximated the premium to the landlord to extend the lease to be between £7,600 and £8,800 not including fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Shepherd's Bush premises is 82 Minford Gardens in February 2009. The Tribunal determined that the enfranchisement price was £37,341 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.92 years.