The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Thames View can extend the lease for a further 90 years in accordance with legislation. Please think carefully before delaying your Thames View lease extension. Postponing the costs now simply escalates the price you will eventually have to pay to extend the lease.
It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
Lease extensions in Thames View can be a difficult process. We recommend you obtain guidance from a conveyancer 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 in-depth market knowledge procuring Thames View lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Elijah owned a high value apartment in Thames View on the market with a lease of just over fifty eight years unexpired. Elijah informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Elijah to exercise his statutory right. Elijah procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Last Autumn we were e-mailed by Mr and Mrs. J Walker , who was assigned a lease of a studio apartment in Thames View in July 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Identical residencies in Thames View with a long lease were in the region of £280,000. The average ground rent payable was £45 billed per annum. The lease elapsed on 8 August 2095. Having 69 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.
An example of a Lease Extension matter before the tribunal for a Thames View flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired term was 61.36 years.