West Thurrock leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in West Thurrock will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain cases you may not be entitled. There are also strict deadlines and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in West Thurrock with more than 100 years outstanding on the lease are often 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 upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Chelsea 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
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Lease extensions in West Thurrock 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 in-depth market knowledge dealing with West Thurrock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Teddy was the the leasehold owner of a conversion apartment in West Thurrock on the market with a lease of just over 61 years left. Teddy informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Teddy to exercise his statutory right. Teddy obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.
Mr and Mrs. E Cooper completed a basement apartment in West Thurrock in June 1996. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical flats in West Thurrock with 100 year plus lease were in the region of £261,600. The mid-range ground rent payable was £60 collected quarterly. The lease elapsed in 2078. Taking into account 52 years outstanding we estimated the premium to the landlord for the lease extension to be between £39,000 and £45,000 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a West Thurrock residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired residue of the current lease was 76 years.