There is no doubt about it a leasehold property in Upper Holloway is a wasting asset as a result of the diminishing lease term. If the residual term has, more than 125 years remaining then this decrease may be negligible however there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner as opposed to later. Most flat owners in Upper Holloway will meet the qualifying criteria; however a conveyancing solicitor will be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Upper Holloway with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Upper Holloway can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 in-depth market knowledge procuring Upper Holloway 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 unsuccessful negotiations with the landlord of her ground floor apartment in Upper Holloway, Stephanie commenced the lease extension process as the eighty year mark was quickly advancing. The transaction was concluded in March 2005. The freeholder’s costs were kept to an absolute minimum.
In 2012 we were called by Dr S Rodríguez who, having acquired a one bedroom flat in Upper Holloway in July 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable premises in Upper Holloway with 100 year plus lease were in the region of £213,600. The mid-range ground rent payable was £60 collected every twelve months. The lease came to a finish in 2082. Having 57 years remaining we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.
Mr and Mrs. M Sánchez bought a basement flat in Upper Holloway in February 2001. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative flats in Upper Holloway with 100 year plus lease were valued about £200,000. The average ground rent payable was £50 billed quarterly. The lease lapsed in 2102. Taking into account 77 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.