Vauxhall leases on domestic deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Vauxhall will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and steps to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Using our service gives you enhanced control over the value of your Vauxhall leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy negotiations with the landlord of her first floor flat in Vauxhall, Lydia initiated the lease extension process as the 80 year deadline was rapidly nearing. The lease extension was concluded in September 2012. The freeholder’s charges were restricted to under 700 GBP.
Last Summer we were contacted by Mr and Mrs. R Wright , who purchased a ground floor flat in Vauxhall in July 2009. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative flats in Vauxhall with a long lease were valued around £200,000. The mid-range ground rent payable was £50 invoiced per annum. The lease lapsed in 2101. Considering the 77 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.
An example of a Lease Extension case for a Vauxhall residence is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired lease term was 56 years.