With a domestic leasehold property in Strawberry Hill, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are less than 80 years left. Leasehold owners in Strawberry Hill with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. Once the lease term has fewer than eighty years remaining, under the current legislation the freeholder is entitled to calculate and charge a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold properties in Strawberry Hill with over one hundred years outstanding 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 circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service 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. |
| 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. |
| 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. |
Lease extensions in Strawberry Hill can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 procuring Strawberry Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her first floor flat in Strawberry Hill, Caitlin started the lease extension process just as the lease was nearing the crucial eighty-year deadline. The lease extension was concluded in August 2012. The landlord’s costs were kept to an absolute minimum.
In 2012 we were e-mailed by Mr and Mrs. P Thomas who, having moved into a basement apartment in Strawberry Hill in February 1997. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative residencies in Strawberry Hill with 100 year plus lease were worth £205,000. The average ground rent payable was £50 billed every twelve months. The lease elapsed in 2104. Considering the 79 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.
An example of a Lease Extension matter before the tribunal for a Strawberry Hill property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The number of years remaining on the existing lease(s) was 60.45 years.