Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Turnham Green. Inevitably, the length of lease left shortens over time. This is often ignored and only becomes a problem when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Turnham Green have the legal entitlement to extend the lease for a further 90 years in accordance with statute. You should give careful attention before putting off your Turnham Green lease extension. Putting off the cost now likely increases the price you will eventually incur to extend your lease
It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Turnham Green can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.
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 Turnham Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the freeholder of her studio apartment in Turnham Green, Rhiannon started the lease extension process just as the lease was coming close to the critical eighty-year mark. The lease extension was finalised in July 2006. The freeholder’s charges were kept to an absolute minimum.
Last Summer we were contacted by Mrs R Walker , who completed a ground floor flat in Turnham Green in November 1998. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Identical residencies in Turnham Green with an extended lease were valued about £267,600. The average amount of ground rent was £65 invoiced per annum. The lease terminated on 8 February 2092. Taking into account 67 years unexpired we calculated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of legals.
An example of a Lease Extension case for a Turnham Green residence is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case related to 1 flat. The remaining number of years on the lease was 68.34 years.