As the the remaining lease term of a Wembley Park residential lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond 100 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner than later. Most flat owners in Wembley Park will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
The conveyancing solicitors that we work with procure Wembley Park 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.
18 months ago Connor, started to get near to the 80-year threshold with the lease on his first floor flat in Wembley Park. Having bought his flat two decades ago, the unexpired term was of no bearing. Luckily, he realised he needed to take steps soon on Extending the lease. Connor was able to extend his lease just ahead of time in April. Connor and the landlord eventually settled on an amount of £5,000 . If the lease had slipped lower than 80 years, the price would have gone up by a minimum £1,075.
Mr and Mrs. K Hall acquired a garden flat in Wembley Park in May 1997. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative properties in Wembley Park with 100 year plus lease were valued about £174,200. The average ground rent payable was £55 collected quarterly. The lease ended in 2076. Considering the 51 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus fees.
An example of a Lease Extension case for a Wembley Park residence is Ground Floor Flat 69 Clifton Avenue in March 2012. the Tribunal determined that the premium payable for the new lease was £5,932 This case affected 1 flat. The remaining number of years on the lease was 76.06 years.