Upper Holloway leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Upper Holloway will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some situations you may not qualify. There are prescribed deadlines and procedures to follow once the process has started so it’s wise to be guided by a lawyer during the process.
Leasehold properties in Upper Holloway with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Regardless of whether you are a tenant or a landlord in Upper Holloway,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Upper Holloway valuers.
In recent months Jason, came precariously near to the eighty-year threshold with the lease on his one bedroom flat in Upper Holloway. Having purchased his flat two decades ago, the length of the lease was of no concern. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Jason arranged for a lease extension at the eleventh hour last July. Jason and the freeholder via the managing agents subsequently settled on a premium of £6,000 . If the lease had slipped to less than 80 years, the amount would have become more costly by at least £850.
Last Winter we were contacted by Mr Oscar Bonnet , who was assigned a lease of a studio apartment in Upper Holloway in March 2006. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative homes in Upper Holloway with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced quarterly. The lease concluded on 18 January 2077. Having 52 years as a residual term we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of expenses.
Mr Harvey García acquired a studio apartment in Upper Holloway in August 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Identical residencies in Upper Holloway with 100 year plus lease were valued about £290,000. The average ground rent payable was £45 collected quarterly. The lease lapsed on 7 June 2097. Considering the 72 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus expenses.