Wembley Park leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Wembley Park will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, 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. |
| 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; |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Wembley Park can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Wembley Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy negotiations with the freeholder of her garden flat in Wembley Park, Jade started the lease extension process as the 80 year mark was rapidly coming. The lease extension was concluded in July 2013. The landlord’s costs were restricted to slightly above 650 pounds.
In 2012 we were approached by Mr and Mrs. J Jackson who, having purchased a basement apartment in Wembley Park in July 2006. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar homes in Wembley Park with an extended lease were in the region of £300,000. The mid-range amount of ground rent was £50 collected yearly. The lease lapsed on 4 August 2101. Considering the 76 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Wembley Park premises 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 unexpired term was 76.06 years.