Upper Walthamstow leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher amount will be due. Flat owners in Upper Walthamstow will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Upper Walthamstow,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Upper Walthamstow valuers.
In the wake of eight months of lengthy discussions with the freeholder of her purpose-built apartment in Upper Walthamstow, Paige commenced the lease extension process as the 80 year threshold was fast coming. The legal work was finalised in May 2011. The freeholder’s fees were restricted to less than 700 pounds.
Last Spring we were phoned by Mr and Mrs. C Michel , who took over the lease of a studio apartment in Upper Walthamstow in October 2004. The question was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical homes in Upper Walthamstow with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed quarterly. The lease ended in 2101. Taking into account 76 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.
An example of a Freehold Enfranchisement case for a Upper Walthamstow premises is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case affected 2 flats. The unexpired residue of the current lease was 64 years.