The only way is down when it comes to Walham Green lease terms. Walham Green properties that have a lease term shorter than 80 years will reduce in value even faster, and the cost to extend your lease will increase.
Leasehold premises in Walham Green with in excess of 100 years remaining on the lease are often 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 reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service gives you better control over the value of your Walham Green leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Nathaniel was the the leasehold owner of a studio apartment in Walham Green being marketed with a lease of fraction over 59 years remaining. Nathaniel on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Nathaniel to invoke his statutory right. Nathaniel procured expert legal guidance and secured satisfactory resolution informally and readily saleable.
In 2014 we were contacted by Mr E Parker who, having completed a first floor apartment in Walham Green in September 1995. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar flats in Walham Green with 100 year plus lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expired on 21 September 2086. Considering the 60 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 not including expenses.
Dr U Ricardo moved into a recently refurbished flat in Walham Green in August 1995. The dilemma was if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative residencies in Walham Green with a long lease were worth £255,000. The average amount of ground rent was £50 billed quarterly. The lease elapsed on 25 October 2097. Taking into account 71 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.