Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Slade Green. Inevitably, the period of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Slade Green have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before putting off your Slade Green lease extension. Holding off that expense now only increases the price you will eventually incur to extend your lease
Leasehold premises in Slade Green with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Slade Green can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 dealing with Slade Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Andrew, started to get close to the 80-year mark with the lease on his two bedroom apartment in Slade Green. Having purchased his property two decades ago, the unexpired term was of minimal concern. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Andrew extended the lease just under the wire in March. Andrew and the freeholder via the management company in the end settled on the final figure of £6,000 . If he had missed the deadline, the figure would have become more costly by at least £1,125.
Last Christmas we were approach by Dr Rebecca Sánchez , who moved into a studio apartment in Slade Green in October 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Slade Green with an extended lease were in the region of £240,600. The average ground rent payable was £60 billed per annum. The lease termination date was on 12 February 2087. Considering the 62 years unexpired we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of expenses.
An example of a Lease Extension case for a Slade Green premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The number of years remaining on the existing lease(s) was 76 years.