West Byfleet leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher premium will be payable. Leasehold owners in West Byfleet will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in West Byfleet can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.
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 in-depth market knowledge procuring 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.
Toby owned a high value apartment in West Byfleet being sold with a lease of a little over 59 years unexpired. Toby on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Toby to invoke his statutory right. Toby procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
Mr and Mrs. F Moreau bought a first floor apartment in West Byfleet in November 2007. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable properties in West Byfleet with an extended lease were worth £200,000. The average amount of ground rent was £50 invoiced annually. The lease concluded in 2103. Taking into account 77 years outstanding we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.
Dr A Thomas acquired a ground floor flat in West Byfleet in May 2011. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparable residencies in West Byfleet with 100 year plus lease were valued about £265,200. The average amount of ground rent was £65 collected per annum. The lease termination date was in 2092. Having 66 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 not including legals.