Chances are that if you own a flat in Wembley Central you actually own a long leasehold interest over your property
Leasehold premises in Wembley Central with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| 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. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
The conveyancers that we work with undertake Wembley Central lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Aarav was the the leasehold owner of a 2 bedroom apartment in Wembley Central on the market with a lease of just over 72 years unexpired. Aarav informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.
In 2009 we were phoned by Mrs G Bonnet who, having purchased a one bedroom apartment in Wembley Central in April 2000. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative premises in Wembley Central with 100 year plus lease were in the region of £220,400. The mid-range ground rent payable was £45 invoiced per annum. The lease concluded in 2090. Given that there were 64 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of expenses.
An example of a Lease Extension case for a Wembley Central property is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case affected 1 flat. The number of years remaining on the existing lease(s) was 74 years.