St Pancras leases on domestic deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Leasehold owners in St Pancras will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in St Pancras with in excess of 100 years unexpired 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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Lloyds TSB Scotland | 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. |
Lease extensions in St Pancras can be a difficult process. We recommend you get guidance from a lawyer 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 procuring St Pancras 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 6 months of protracted discussions with the landlord of her two bedroom apartment in St Pancras, Isobel initiated the lease extension process just as the lease was approaching the critical eighty-year deadline. The legal work completed in October 2015. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. S Cox purchased a purpose-built apartment in St Pancras in September 2007. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical homes in St Pancras with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 billed every twelve months. The lease end date was in 2093. Given that there were 67 years remaining we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 plus professional charges.
An example of a Lease Extension case for a St Pancras residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired lease term was 66.8 years.