West Byfleet leases on residential properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease drops lower than 80 years - otherwise a higher amount will be payable. Flat owners in West Byfleet will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and steps to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold premises in West Byfleet with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire 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. |
Lease extensions in West Byfleet can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 dealing with West Byfleet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the freeholder of her leasehold apartment in West Byfleet, Bethan initiated the lease extension process just as her lease was nearing the all-important eighty-year mark. The transaction completed in January 2011. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. I Collins took over the lease of a first floor apartment in West Byfleet in January 2003. We are asked if we could estimate the price would be to prolong the lease by ninety years. Identical flats in West Byfleet with 100 year plus lease were worth £300,000. The average ground rent payable was £50 billed quarterly. The lease ran out in 2100. Having 75 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
Last Autumn we were e-mailed by Mr Alexander Pérez , who completed a purpose-built flat in West Byfleet in June 1997. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative residencies in West Byfleet with a long lease were valued about £250,400. The mid-range amount of ground rent was £65 collected yearly. The lease terminated in 2089. Given that there were 64 years remaining we approximated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 not including costs.