Shepherd's Bush leases on residential deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Flat owners in Shepherd's Bush will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Shepherd's Bush can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 dealing with Shepherd's Bush lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy discussions with the freeholder of her purpose-built apartment in Shepherd's Bush, Alexandra commenced the lease extension process as the 80 year mark was rapidly coming. The transaction was concluded in May 2014. The landlord’s charges were restricted to under 450 GBP.
Mr M Hill bought a garden apartment in Shepherd's Bush in July 2010. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative flats in Shepherd's Bush with 100 year plus lease were valued around £189,000. The mid-range amount of ground rent was £55 collected monthly. The lease expired on 15 March 2079. Given that there were 53 years remaining we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus legals.
An example of a Freehold Enfranchisement case 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 affected 2 flats. The remaining number of years on the lease was 72.92 years.