The nearer a residential lease in Snaresbrook gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, over 100 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. Most flat owners in Snaresbrook will meet the qualifying criteria; however a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Snaresbrook with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Snaresbrook,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Snaresbrook valuers.
Following unsuccessful discussions with the landlord of her ground floor apartment in Snaresbrook, Chelsea commenced the lease extension process just as the lease was approaching the all-important eighty-year mark. The lease extension was finalised in April 2014. The freeholder’s costs were negotiated to a tad over 600 GBP.
Last Summer we were phoned by Dr Austin Lefèvre , who was assigned a lease of a basement flat in Snaresbrook in April 2011. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar properties in Snaresbrook with 100 year plus lease were valued around £208,600. The mid-range ground rent payable was £60 collected yearly. The lease end date was on 23 July 2082. Given that there were 57 years remaining we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including costs.
An example of a Freehold Enfranchisement case for a Snaresbrook residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The unexpired residue of the current lease was 73.92 years.